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Bond Market News
AIB and BOIG Upgraded to BBB+ by S&P
November 7, 2025
AIB and Bank of Ireland Group’s (BOIG) credit ratings were raised by a notch to BBB+ from BBB and their operating companies’ ratings were raised to A+ from A respectively. The upgrades are based on expectations that both banks will sustain robust profitability supported by resilient net interest margins, strong deposit bases, prudent cost control, and steady lending growth. Ireland’s supportive economy, with around 2% growth, high employment, and rising household income, further bolsters their operating environment as per S&P. Both banks maintain strong capitalization, with Common Equity Tier 1 (CET1) ratios above 16% as of end-September and solid loan loss reserves. While diversification remains moderate, AIB and BOIG plan to enhance their digital and wealth management offerings with S&P expecting their systemwide profitability to improve.
Bonds of both banks were stable, for instance AIB’s 6.608% 2029s was at 106.2, yielding 4.3% while BOIG’s EUR 6.375% Perp traded at 104.7, yielding 5.2%.
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