Moody’s upgrades PTSB ratings

Moody’s has upgraded the Permanent TSB’s deposit and senior unsecured ratings two weeks after the bank raised €525 million from capital markets.

The ratings agency upgraded PTSB’s deposit rating to B1 from B3 and its senior unsecured rating from Caa1 to B2.

The upgrade came after the bank raised additional funds late last month through the sale of €400 million worth of shares and €125 million via a debt instrument.

The move saw the State’s holding in PTSB fall to 75 per cent from 99.2 per cent.

PTSB group treasurer Paul Byrne welcomed Moody's announcement. He said: "following the success of the recent Capital Raise, it's very encouraging that the progress we are making is being recognised by Moody as well as by the market itself."