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Fitch cuts Irish banks
Fitch Ratings said it downgraded some of Allied Irish Banks plc's and Bank of Ireland's ratings.
Allied Irish Banks' lower tier 2 subordinated debt rating was downgraded to B from BB, upper tier 2 rating to CC from B and tier 1 (XS0257734037) to CC from B- and tier 1 rating to CC from CCC.
Allied Irish Banks' long-term issuer default rating of A-, short-term issuer default rating of F1, commercial paper rating of F1, senior unsecured notes rating of A-, sovereign-guaranteed notes rating of A+, sovereign-guaranteed deposits rating of A+, sovereign-guaranteed interbank liabilities of A+, sovereign-guaranteed deposits rating of F1, sovereign-guaranteed commercial paper rating of F1 and sovereign-guaranteed interbank liabilities of F1 were unaffected.
Bank of Ireland's lower tier 2 subordinated debt rating was downgraded to BB from BBB+. Its long-term issuer default rating of A-, short-term issuer default rating of F1, commercial paper rating of F1, senior unsecured notes rating of A-, sovereign-guaranteed notes rating of A+, sovereign-guaranteed deposits rating of A+, sovereign-guaranteed interbank liabilities rating of A+, sovereign-guaranteed deposits rating of F1, sovereign-guaranteed commercial paper rating of F1, sovereign-guaranteed interbank liabilities rating of F1, upper tier 2 rating of B and tier 1 rating of CCC were unaffected.
The downgrades reflect a belief that the risks in the subordinated debt instruments have worsened as a result of the financial package likely to be provided to Ireland by the Interional Monetary Fund and European Union, which could result in increased government ownership of these two banks, Fitch said.
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