Thursday, Apr 09, 2009
From Celtic Tiger to Celtic Dodo
Moneymarketing: Fitch downgrades Irish banks
Fitch Ratings has downgraded both the Allied Irish Bank and the Bank of Ireland as it predicts further government bailouts. Fitch has today downgraded both banks’ Long-term Issuer Default Ratings to 'A-' from 'A' after yesterday's downgrade of the Long-term IDR of the Republic of Ireland from AAA to AA+. At the same time, Fitch has placed AIB's Individual Rating of 'D' and BoI's Individual Rating of 'C/D' on Rating Watch Negative. Fitch has also downgraded the banks' subordinated debt and hybrid instrument ratings.
Posted by jack c @ 01:53 PM (481 views) Add Comment
3 Comments
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1. inbreda said...
Downgraded from A to A-?
Correct me if I am mistaken, but a ratings agency that ascribes an "A" to any entity that is within a billion miles of requiring even a small bailout is surely missing the point of ratings? What's GM? B+? In which case - what kind of crackpot company occupies B-?!?!
2. Quad said...
Time for granny to cash in her postoffice savings account yet?
3. Frank Bell said...
None of the depositors in the Irish banks have learned a lesson from the Icelandic banks fiasco, same goes for those depositing cash on the Isle of Man and the CI's. They may as well buy a house instead and watch their money being eroded gradually.....
These compensation schemes and promises ain't worth the paper they are written on