Bank of Ireland - Analysis - 2009/08/20 - Moody's Global Credit Research

Report title: Bank of Ireland

from Moody's Global Credit Research
20 page (9967 word) report published Aug 20, 2009

Price $300.00 available for immediate download

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...Moody's has assigned a bank financial strength rating (BFSR) of D to Bank of Ireland (BoI), which translates into a baseline credit assessment (BCA) of Ba2. The bank's long-term global local currency (GLC) deposit rating is A1. The D BFSR reflects Moody's loss expectations on the bank's loan portfolios, in particular the commercial property and corporate loan books, as well as the residential mortgage book, driven by the depth of the recession in both Ireland and the UK and the expectation of a significant rise in unemployment. It is also consistent with our definition that a bank with a D BFSR may need periodic outside support. The developing outlook on the BFSR incorporates the extremely challenging economy, as well as the uncertainties around how the establishment of the National Asset Management Agency (NAMA) will affect the bank's capital base and ongoing profitability. This Credit Analysis provides an in-depth discussion of credit rating(s) for Bank of Ireland and should be read in...

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Bank of Ireland

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Moody's Investors Service, a leading global credit rating, research and risk analysis firm, publishes credit opinions, research, and ratings on fixed-income securities, issuers of securities and other credit obligations. Credit ratings and research help investors analyze the credit risks associated with fixed-income securities. Ratings also create efficiencies in fixed-income markets and similar obligations, such as insurance and derivatives, by providing reliable, credible, and independent assessments of credit risk. For issuers, Moody's services increase market liquidity and may reduce transaction costs.

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