Fitch: Anglo Irish on watch

Fitch Ratings said it maintained Anglo Irish Bank Corp.'s long-term issuer default rating of BB- on Rating Watch negative.

Also on negative watch includes the company's short-term issuer default rating of B, short-term debt rating of B, senior unsecured rating of BB-.

The agency also said it affirmed its sovereign-guaranteed long-term notes rating at BBB+, sovereign-guaranteed short-term notes at F2, sovereign-guaranteed commercial paper rating at F2, sovereign-guaranteed long-term deposits rating at BBB+, sovereign-guaranteed short-term deposits rating at F2, sovereign-guaranteed long-term interbank liabilities at BBB+ and sovereign-guaranteed short-term interbank liabilities at F2.

Fitch also maintained the Rating Watch negative on Anglo Irish Mortgage Bank's long-term issuer default rating of BB- and short-term issuer default rating of B.

The ratings are underpinned by a moderate level of support from the Irish sovereign, but also reflect Anglo's reduced systemic importance, especially following the transfer of customer deposits to Allied Irish Banks, plc, the agency said.

The negative watch is due to the political risks surrounding the issue of burden-sharing for senior unsecured creditors, Fitch said, as well as sovereign-related risks as reflected in the negative outlook on the sovereign rating.

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