The early stage deal discussions are part of NatWest's previously announced plans to withdraw from the Republic of Ireland altogether.
Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Permanent tsb p.l.c.Global Credit Research - 30 Apr 2021London, 30 April 2021 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Permanent tsb p.l.c. The review was conducted through a portfolio review discussion held on 28 April 2021 in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. Since 1 January 2019, Moody's practice has been to issue a press release following each periodic review to announce its completion.This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future.
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.