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Permanent TSB Group Holdings plc -- Moody's assigns B1(hyb) rating to Permanent TSB Group Holdings plc's high-trigger AT1 capital securities

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Moody's Investors Service ("Moody's") has today assigned a B1(hyb) rating to the "high trigger" Additional Tier 1 (AT1) Preferred Stock Non-Cumulative EUR125 million note expected to be issued by Permanent TSB Group Holdings plc ("PTSB Group"), the holding company of Permanent tsb p.l.c. The principal of the security will be written-down if PTSB's Common Equity Tier 1 (CET1) ratio falls below 7%. The B1(hyb) rating assigned to the security is based on multiple risks, including the likelihood of PTSB's capital ratio reaching the conversion trigger, the likelihood of coupon suspension on a non-cumulative basis and the probability of a bank-wide failure and loss severity, if any or all these events occur.