Bloomberg News

Fitch Ratings Maintains Anglo Irish on Rating Watch Negative

October 03, 2011

Oct. 3 (Bloomberg) -- Fitch Ratings maintained Anglo Irish Bank Corp. on rating watch negative, saying it continues to believe that Irish authorities are “likely to avoid a default or coercive burden-sharing” for the lender’s senior unsecured, unguaranteed creditors.

A potential restructuring of the government’s promissory notes to the lender “would have significant implications for Anglo’s financial position,” Fitch said, as the notes are “by far the largest asset on its balance sheet.”

Irish Finance Minister Michael Noonan has said he’d like to restructure the 31 billion euros of promissory notes in Anglo Irish and Irish Nationwide Building Society to lower the cost of the notes on the state.

To contact the reporter on this story: Joe Brennan in Dublin at jbrennan29@bloomberg.net

To contact the editor responsible for this story: Finbarr Flynn at fflynn3@bloomberg.net


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