Moody's cuts Irish Life, affirms Bank of Ireland

Moody's Investors Service said it downgraded the long-term debt ratings Irish Life & Permanent plc to A3 from A2 following the one-notch downgrade of the Irish government's sovereign debt ratings to Aa2 with a stable outlook.

The agency said it affirmed Bank of Ireland's A1 long-term senior debt ratings, A2 dated subordinated debt, Ba3 undated subordinated debt, B1 cumulative tier 1 securities and Caa1 non-cumulative tier 1 securities.

The outlook stable.

The agency said it also downgraded to Aa2 from Aa1 the government-guaranteed debt of the Bank of Ireland.

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