International ratings agency Fitch has downgraded Northern Ireland-based Ulster Bank Ltd's (UBL) individual rating to "C/D" from "B/C" in light of the bank's "tight capitalisation" and exposure to property development finance.
However, it left UBL's long-term issuer default rating (IDR) unchanged at "A+" with a "stable" outlook, reflecting the high probability of support from its parent group, Royal Bank of Scotland, in case of need.