S&P: Irish Life debt off watch

Standard & Poor's said that it corrected the A-2 short-term local-currency debt ratings on the guaranteed medium-term note program of Irish Life & Permanent plc (BB+/Watch negative/B) by removing them from CreditWatch negative.

Due to an administrative error, the short-term local currency-ratings on Irish Life's €15 billion guaranteed medium-term note program were placed on CreditWatch negative on April 5, the agency said.

S&P corrected this error by removing the CreditWatch status of the ratings on these instruments, the agency said. The error did not affect the BB+ long-term and B short-term counterparty credit ratings, which remain on CreditWatch where they were placed with negative implications on Nov. 26, 2010.

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