S&P ups three European banks

S&P said it upgraded the ratings of three European banks after it published its revised criteria for financial institutions on Dec. 9.

The agency raised its long-term issuer credit rating on Allied Irish Banks plc to A- from BBB+, the issue ratings on all outstanding senior instruments to A- from BBB+ and affirmed and the ratings on hybrid instruments. It also upgraded AIB Group (UK) plc to BBB+ from BBB following the upgrade of its parent Allied Irish Banks. The outlook is negative.

S&P boosted Belfius Bank SA/NV issuer rating to A from A- and the issue ratings on all outstanding senior instruments to A from A-. The agency also affirmed the issue ratings on hybrid instruments. The outlook is stable.

S&P lifted the long-term ICR on CaixaBank to A- from BBB+, the long-term issue rating on all outstanding senior instruments to A- from BBB+ and affirmed the ratings on hybrid instruments. The outlook is stable.

Finally, S&P said it also removed all these issuers’ ratings from under criteria observation, where they had been placed on Dec. 9.

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