DBRS cuts Irish Life debt

DBRS said it downgraded the dated subordinated debt rating of Irish Life & Permanent plc to C from CCC.

The downgrade follows the announcement by IL&P that it has commenced an offer to purchase the aforementioned securities for cash and a solicitation of consents in relation to the securities, the agency said.

DBRS said it expects to downgrade the dated subordinated debt to D at completion of the buyback; as such, the securities remain Under Review with negative implications, where they were placed on Dec. 3.

The purchase offer, when completed, is tantamount to a default, the agency added. The proposed purchase offer as coercive as the offer affords bondholders limited options.

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