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Fitch cuts Irish banks
Fitch Ratings said it downgraded Allied Irish Banks plc's and Bank of Ireland's long- and short-term issuer default ratings to BBB from A- and F2 from F1, following the downgrade of the Irish sovereign.
The outlook is stable.
Fitch has also downgraded the guaranteed debt of Allied Irish and Bank of Ireland, along with Anglo Irish Bank Corp. Ltd., EBS Building Society and Irish Nationwide Building Society to BBB+/F2 from A+/F1.
Fitch said it believes that the level of support that the sovereign can provide to its largest banks has diminished.
Allied Irish Banks' long-term issuer default rating was downgraded to BBB from A-, short-term issuer default rating to F2 from F1, senior unsecured notes to BBB from A-, sovereign guaranteed notes to BBB+ from A+, short-term debt to F2 from F1 and lower tier 2 subordinated debt to CCC from B, sovereign-guaranteed long-term notes to BBB+ from A+, sovereign-guaranteed short-term notes to F2 from F1, sovereign-guaranteed commercial paper to F2 from F1, sovereign-guaranteed long-term deposits to BBB+ from A+, sovereign-guaranteed short-term deposits to F2 from F1, sovereign-guaranteed long-term interbank liabilities to BBB+ from A+ and sovereign-guaranteed short-term interbank liabilities to F2 from F1. Its upper tier 2 subordinated notes were affirmed at CC and tier1 notes at CC.
Bank of Ireland's long-term issuer default rating was downgraded to BBB from A-, short-term issuer default rating to F2 from F1, senior unsecured notes to BBB from A-, short-term debt to F2 from F1, sovereign-guaranteed notes to BBB+ from A+, sovereign-guaranteed long-term deposits to BBB+ from A+, sovereign-guaranteed short-term deposits to F2 from F1, sovereign-guaranteed long-term interbank liabilities to BBB+ from A+, sovereign-guaranteed short-term interbank liabilities to F2 from F1. Its upper tier 2 subordinated notes were affirmed at B and remain on Rating Watch negative, its preference shares were affirmed at CCC and subordinated debt at BB.
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