S&P affirms Allied Irish bonds

Standard & Poor's said it affirmed the BB/B ratings on three bond issues supported by Allied Irish Banks plc (BB/B) letters of credit and removed the ratings from CreditWatch with negative implications, where they were placed on Dec. 1, 2010.

The ratings on the three affected bond issues reflect the credit and liquidity support that Allied Irish (BB/B) provides in the form of irrevocable direct-pay letters of credit, the agency said.

The rating actions reflect the July 11 affirmation and removal of the long- and short-term issuer credit ratings on Allied Irish from CreditWatch negative.

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