Fitch cuts short-term ratings on AIB, BOI, EBS, INBS

[provost]

reuters.com/article/idUSN0820595420091208

Fitch cuts short-term ratings on 4 Irish banks
Tue Dec 8, 2009 12:20pm EST

NEW YORK, Dec 8 (Reuters) - Fitch Ratings on Tuesday cut its short-term ratings on four Irish banks, saying the new Irish government plan for guaranteeing bank securities is less comprehensive than the existing scheme, which will increase the banks’ risk.

irishtimes.com/newspaper/bre … king63.htm

Irish banks’ short-term IDRs downgraded
irishtimes.com - Last Updated: Tuesday, December 8, 2009, 17:53

Fitch Ratings has today downgraded the short-term Issuer Default Ratings of AIB and Bank of Ireland to F1 from F1+ and removed both ratings from Rating Watch Negative (RWN).

The move follows the extension of the State’s bank guarantee by the Dáil on Thursday last.

The agency also announced today it has downgraded EBS and Irish Nationwide Building Society’s short-term term IDRs to ‘F2’ from ‘F1+’ and removed both ratings from RWN.

Fitch has affirmed Anglo Irish Bank Corporation’s (Anglo) Short-term IDR at ‘F1+’.

All guaranteed securities will continue to be rated at ‘AA-’/ ‘F1+’, reflecting the Long- and Short-term IDRs of the guarantor. Non-guaranteed securities will be rated according to the IDR of the issuer.

[yoganmahew]

Chi-ching, SVR mortgages just got a bit more expensive…