Irish Life & Permanent has received an upgrade in its long-term debt rating from rating agency Moody's Investor Services, following the merger of the two financial institutions.

IL&P's long-term debt has been rated A1 while its short-term debt got a P1 from Moody's. Meanwhile, rating agency Standard and Poor's has given the group a debt rating for the first time - A+ for long-term debt and A-1 for short-term debt.