DBRS cuts Irish Life debt

DBRS said it downgraded the dated subordinated debt rating of Irish Life & Permanent plc to D from C following the execution of the group's note tender offer.

The default status for the purchased and now-extinguished notes reflects DBRS's view that bondholders were offered limited options and that a distressed exchange has now occurred, which is considered a default under DBRS policy, the agency said.

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