Moody's Upgrades Anglo Irish Bank Corporation plc
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Moody’s Investors Services has confirmed that the long-term deposit rating of Anglo Irish Bank has been upgraded from Baa1 to A3. The Prime-2 (P2) ratings of the bank for short-term deposits and commercial paper were confirmed.
Moody’s said that the upgrade reflected the progress Anglo Irish Bank has made in building a sustainable franchise, whilst controlling the quality of its loan book, and strengthening its funding profile. The rating agency said also that Anglo Irish Bank’s very low cost base has helped the bank to establish itself as a meaningful player in the Irish lending market and a niche player in the UK. The bank has also built up a stable non-interest income revenue source through acquisition and organic growth, particularly in Foreign Exchange and Private Banking. Non-performing loans remain under control and are well provisioned.
Commenting on Moody’s announcement, Mr. Bernard Daly, Director of Funding at Anglo Irish Bank Corporation plc said “The upgrade in our long term deposit rating from Moody’s recognises the achievements of Anglo Irish Bank. It underlines the strength and quality of our business franchise and the diversification we have incorporated into our business operations. The upgrade in our long term rating will be of major benefit to us in our funding programme.”
Contact:
Bernard Daly
Director of Funding
Anglo Irish Bank Corporation plc
Tel: 003531 616 2600
Ronan White
Head of Corporate Communications
Anglo Irish Bank Corporation plc
Tel: 003531 616 2699
OR
Trish Morrissey/Orla Benson
Drury Communications
Tel: 003531 260 5000
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27 March 2001
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