S&P's revises upwards its outlook on three banks

Tuesday 16 July 2013 17.22
S&P's revised downward its outlook for Ulster Bank to negative
S&P's revised downward its outlook for Ulster Bank to negative

The ratings agency Standard and Poor's has revised upwards the outlook for three banks here but has revised downwards the outlook for Ulster Bank.

S&P's affirmed the BBB+ long term rating for Ulster Bank but revised the outlook to negative from stable.

The outlook for both Bank of Ireland and KBC Bank Ireland was revised to stable from negative while Barclay's Bank Ireland was raised to positive from stable.

The agency affirmed the A- long term credit rating for that Bank.

The moves follow Standard and Poor's decision last week to raise its outlook on Ireland’s sovereign rating to positive from stable, saying there is a one-in-three chance the BBB+ rating will be raised in the next two years.