Moody's Investors Service downgraded Bank of Ireland UK division's deposit ratings, it confirmed today.

The agency cut the rating to Ba1 from Baa3, and said the outlook was negative. The new rating "now incorporates one notch of parental support from" the lender's Dublin-based parent Bank of Ireland and "no UK systemic support," Moody's said in a note today.

The move follows a reassessment of UK systemic support for its lenders.

Bloomberg