Credit rating agency Fitch has upgraded its credit ratings on First Active, to reflect the company's improved financial and competitive position.
According to a statement from Fitch, this follows the reduction in the cost base of First Active's core Irish mortgage and savings business, and the deal with Brittanic Life to protect the value of its UK assets.
First Active's short term rating has been changed from F2 to F1, its long term rating from A- to A, and the individal rating has been upgraded from B/C to B.
In the statement Fitch said: 'asset quality in First Active's residential and commerical mortgage books remains strong, and the bank appears well capitalised, although the capital ratios have benefitted from securitisation'.
First Active shares were down 5 cents at 3.25 euros at the close.
