Ratings agency Moody's has upgraded Permanent TSB's long-term rating to A1 from A2 and Permanent TSB Group Holdings' long-term rating to Baa1, up from Baa2.
The upgrade is the first from Moody's since September 2022 and PTSB said it will assist with greater market access for future debt issuances from the bank.
In reaching its decision, Moody's noted the bank's non-performing loans (NPLs) had reached record low levels, while it had also improved uts asset quality and its significant investments in digital banking.
Moody's also said the upgrade reflected PTSB's solid capitalisation levels and said it expects its larger scale and growth ambitions in business lending and asset finance, combined with its more prominent positioning in the Irish banking system, to continue to improve and support Moody’s assessment.
PTSB's chief executive Eamonn Crowley said the upgrade is a sign of the bank's increasing strength, scale and customer base.
"We are well positioned to continue to grow as we bring much-needed competition, choice and innovation to personal and business banking customers," the CEO said.
"This growth is underpinned by our ongoing investment in people and technology and by broadening our product offering to meet the needs of both existing and new customers," he added.
