Bloomberg News

Fitch Places Three Irish Banks on Rating Watch Negative

December 20, 2011

Dec. 20 (Bloomberg) -- Fitch Ratings said it placed all the support-driven ratings of Allied Irish Banks Plc, Bank of Ireland Plc and Irish Life & Permanent Plc on rating watch negative.

The rating action follows the Irish sovereign being placed on rating watch negative on Dec. 16, the ratings company said in a statement today.

Fitch has also maintained Irish Bank Resolution Corp., formerly Anglo Irish Bank Corp., on rating watch negative.

While there are “ongoing political risks” about burden sharing among senior IBRC bondholders, Fitch “continues to believe that the Irish authorities are likely to avoid a default or coercive burden sharing” with the lenders senior unsecured, unguaranteed creditors, Fitch said.

Link to Statement:{NSN LWII173PWT1C <GO>}

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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