Some Ulster Bank Ireland ratings downgraded by Fitch
Updated / Thursday, 11 Mar 2021
18:21
Ulster Bank said last month that it was beginning a phased withdrawal from the Republic of Ireland
Ratings agency Fitch has downgraded Ulster Bank Ireland s (UBI) Long-Term Issuer Default Rating and Support Rating.
It said the cuts follow the announcement last month by the bank s parent NatWest Group (NWG) that it intends to withdraw from the Republic of Ireland. This reflects its conclusion that UBI is not in a position to sustainably achieve acceptable returns over the group s planning horizon, the agency said. The downgrade reflects UBI s diminished role in the broader group and our opinion that it is no longer a strategically important subsidiary.