Moody’s: Ulster Bank to positive

Moody's Investor Service said it affirmed Ulster Bank Ltd.’s long-term deposit ratings at A2 and its long-term issuer rating at A3.

The outlook was changed to positive from stable.

The bank's short-term deposit ratings were affirmed at Prime-1. Moody also affirmed the bank's standalone baseline credit assessment and its adjusted baseline credit assessment at baa3. The bank's long-term counterparty risk assessment was affirmed at A2(cr), and its short-term counterparty risk assessment was affirmed at Prime-1(cr).

The agency also affirmed Ulster Bank Ireland DAC's long-term deposit ratings at Baa2, its long-term issuer rating at Baa3, and changed the outlook to positive from stable. The short-term deposit ratings were affirmed at Prime-2 and its short-term issuer rating was affirmed at Prime-3. The bank's long-term counterparty risk assessment was affirmed at A3(cr) and its short-term counterparty risk assessment was affirmed at Prime-2(cr).

Moody’s said the actions on Ulster follow the action on Royal Bank of Scotland plc, reflecting Moody's view on the likely direction of the group's subsidiaries' ratings, following the implementation of forthcoming ring-fencing regulations.

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