S&P: Irish Life still on watch

Standard & Poor's said its BB- long-term counterparty credit rating on Irish Life & Permanent plc remains on CreditWatch with negative implications, where it was initially placed on March 6, 2012.

The agency said it is keeping the long-term counterparty credit rating on Irish Life & Permanent on CreditWatch with negative implications following government approval of the company's strategic direction.

S&P said this action follows an announcement by the Irish government on that Irish Life & Permanent intends to carve a viable retail bank out of its existing banking businesses.

According to S&P, this decision follows an extended review to determine the best way forward for the bank. The review examined a number of strategic alternatives, including winding down the bank, but decided against doing so.

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