S&P: Irish Life off watch

Standard & Poor's said that it corrected the program and instrument ratings on the lower tier 2 and hybrid capital instruments of Irish Life & Permanent plc (BB+/watch negative/B) by removing them from CreditWatch with negative implications.

Due to an administrative error, the ratings for lower tier 2 and hybrid capital instruments were not removed from CreditWatch in S&P's database after it lowered the ratings on the lower tier 2 instruments to CCC from B on April 6, the agency said.

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