IRISH Intercontinental Bank (IIB) has received its first credit rating from Standard & Poor, the US rating agency. Its long-term rating has been set at A+ and its short-term rating at A-1. IIB has described the ratings as one of the highest among lrish financial institutions.

The bank's parent, Kredietbank, has a higher long-term rating of AA- but the same short-term rating. Standard & Poor said IIB's ratings reflect "its position and role in the Kredietbank group and its satisfactory fundamentals". Kredietbank owns 75 per cent of the bank. Irish Life Assurance holds the remaining 25 per cent.