Fitch upgrades Irish Life's credit rating

Fitch Ratings has upgraded Irish Life Assurance's long-term issuer default rating (IDR) to 'BBB+' from 'BBB' and the subordinated debt rating to 'BBB-' from 'BB+'.

27th November, 2012
Fitch upgrades Irish Life's credit rating
Given the current macroeconomic environment in Ireland, Fitch expects the Irish state to remain Irish Life's owner for the foreseeable future, it said.

Fitch Ratings has upgraded Irish Life Assurance's long-term issuer default rating (IDR) to 'BBB+' from 'BBB' and the subordinated debt rating to 'BBB-' from 'BB+'.

Fitch also affirmed Irish Life’s insurer financial strength (IFS) rating has been affirmed at 'BBB+' and it said that the Outlooks on the IFS and IDR are both stable.

The rating actions reflect the revision of Ireland's sovereign outlook with Fitch to stable from negative.

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