Anglo Irish Bank today (12 February 2002) announced that Fitch Ratings (Fitch) have upgraded its long and short-term credit ratings to ‘A’ from ‘A-’ and to ‘F1’ from ‘F2’ respectively.
Fitch stated that “ the upgrades reflect the bank’s success in developing its franchise, executing a well-defined strategy, plus delivering repeatedly strong balance sheet and profit growth in recent years”.
The rating agency noted that going forward the bank’s deal flow remains good and that Anglo’s financial performance should remain robust, notwithstanding a more challenging environment. The group should continue to benefit from its revenue diversification strategy plus enviable efficiency ratio.
Fitch further commented that Anglo’s asset quality indicators were excellent at end September 2001.
Commenting on the announcement from Fitch, Mr Bernard Daly, Director of Funding at Anglo Irish Bank Corporation plc, said, “ we are delighted with these upgrades from Fitch Ratings that recognise the significant progress the bank has made. The upgrades underline the strength and quality of the business model we have developed in our chosen markets and reflect the enhanced standing of Anglo Irish Bank. As a result we are well positioned to further develop our business and our funding activities”.
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Contact:
Bernard Daly
Director of Funding
Anglo Irish Bank Corporation plc
Tel: 00 353 1 616 2600
Ronan White
Head of Corporate Communications
Anglo Irish Bank Corporation plc
Tel: 00 353 1 616 2699
Or
Trish Morrissey / Orla Benson
Drury Communications
Tel: 00 353 1 260 5000
