Fitch downgrades Anglo Irish Bank, Irish Nationwide

Fitch Ratings said it downgraded Anglo Irish Bank Corp. Ltd.'s lower tier 2 subordinated debt to C from CCC and upper Tier 2 subordinated notes to C from CC, lowered Allied Irish Bank plc's lower tier 2 subordinated to BB from BBB+ and affirmed its upper tier 2 subordinated notes at B.

The agency also downgraded Irish Nationwide Building Society lower tier 2 subordinated debt to C from B+.

The rating actions follow statements made by the Irish minister for finance and the governor of the Central Bank of Ireland. Fitch said the downgrade reflects the likely impact of legislation proposed by the minister of finance where the subordinated bondholders would make a significant contribution to burden sharing.

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