Fitch pumps up Permanent TSB Group

Fitch Ratings said it upgraded Permanent TSB Group Holdings plc's (Ptsbgh) long-term issuer default rating to BBB- from BB+. The agency also raised the long-term IDR of the group's operating subsidiary, Permanent TSB plc (PTSB), to BBB from BBB-.

“The upgrade reflects Fitch's view of the improved operating environment for Irish banks and Ptsbgh's strengthened credit profile. Our assessment of the operating environment incorporates our view of the banking sector's improved fundamentals and our expectation that sustained robust domestic economic growth and significantly reduced household indebtedness will support banks' performance,” Fitch said in a press release.

The outlook is stable.

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