Yesterday Moody’s downgraded BOI, lowering deposits to Ba2 and senior unsecured debt to Ba3, with negative outlook. These are the same speculative grades it applies to AIB. The agency has PTSB lower with a B1 rating for deposits and B3 for unsecured debt.
The Moody’s report on BOI is here and gives some useful insights into the reasoning applied by Moody’s. The rating on subordinated debt in BOI was raised from C to B2 with preference stock raised to Caa2 also from C. Senior bonds covered by the ELG remain at Ba1 with stable outlook.
This is a chart of Moody’s recent deposit ratings for BOI.