Standard and Poor's said today it affirmed its 'A-/A-2' credit ratings on Allied Irish Banks.
The affirmation of the counterparty credit rating comes as a response to the announcement of the sale of the bank's Polish unit to Santander last week.
The ratings agency said its outlook on the lender remains "negative," reflecting its view that the bank "still has much to achieve" in its €7.4 billion capital raising program.
It also said it believed there will be no "quick, near-time improvement" in AIB's relatively weak stand-alone credit profile.
While pointing out that a full and successful completion of the capital raising program would be a "supportive factor" for the ratings, S&P's view already takes into account an expectation that this capital raising will be achieved.
The ratings agency predicts that the timeframe for an improvement in AIB's SACP will likely extend beyond two years.
Last week, AIB announced it is to sell its Polish unit, Bank Zachodni WBK , raising €2.5 billion of the €7.4 billion it is to raise by the end of the year, as stipulated by the Financial Regulator.