Moody's gives Irish Life notes Ba3

Moody's Investors Service said it corrected the rating to Ba3 from A3 of the €50 million subordinate floating-rate notes due Nov. 7, 2016 issued by Irish Life & Permanent plc.

This particular security is an issuance under the issuer's €15 billion euro medium-term note program and was rated by Moody's in November 2006.

Moody's said it originally misclassified this instrument as senior unsecured. Based on a review of the terms, the instrument has been reclassified as a subordinate note and the rating has been corrected to Ba3, the agency said.

Moody's said the company's backed-Aa2 government guaranteed debt rating and the A3 long-term bank deposit and senior debt ratings were placed on review for possible downgrade in October, the agency said.

The company has a dated subordinated debt rating of Ba3 and an undated subordinated debt rating of B1, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.