Ireland warned credit rating cut 'likely'

guardian.co.uk/business/2010 … ing-moodys

Oh look, another Ebb

Yea but wait for the *Flow that will sort it out :angry:

*Flow of capital out of the Banks!!!

Bear warns woods …

How would that affect NAMA? I mean, are the NAMA fairy dust notes that they give to the banks for all the cra…, err, I mean loans treated seperately from the National debt at the moment cos of the Special Purpose Vehicle status or wha? So more importantly doesn’t this just demonstrate that the SPV nonsense never fooled anyone.

With a little help from Humpty…

https://img.thesun.co.uk/multimedia/archive/01053/SNN2902FLO_280_1053957a.jpg

Nah, that’s flow eile… :-GC

Fitch just downgraded Ireland; no link yet
Euro spiked down

FITCH DOWNGRADES IRELAND TO ‘A+’; OUTLOOK NEGATIVE

Fitch Ratings-London-06 October 2010: Fitch Ratings has downgraded the Republic
of Ireland’s (Ireland) Long-term foreign and local currency Issuer Default
Ratings (IDRs) to ‘A+’ from ‘AA-’ respectively. The Outlooks on the Long-term
IDRs are Negative. Fitch has simultaneously downgraded Ireland’s Short-term
foreign currency IDR to ‘F1’ from ‘F1+’.

The Euro Area Country Ceiling of ‘AAA’ remains unchanged. The notes issued by
the National Asset Management Agency (NAMA) have also been downgraded to ‘A+’
from ‘AA-’ and to ‘F1’ from ‘F1+’, in line with the sovereign ratings.

“The downgrade of Ireland reflects the exceptional and greater-than-expected
fiscal cost associated with the government’s recapitalisation of the Irish
banks, especially Anglo Irish Bank,” said Chris Pryce, Director in Fitch’s
Sovereign Group. “The Negative Outlook reflects the uncertainty regarding the
timing and strength of economic recovery and medium-term fiscal consolidation
effort.”

Typically a Negative Outlook implies a slightly greater than 50% probability o
a further downgrade over a 12-24 month horizon. The triggers for a revision of
the Outlook to Stable would be evidence of sustained economic recovery and
fiscal consolidation. The ratings could be downgraded further if the economy
stagnates and broad-based political support for and implementation of budgetar
consolidation weakens.

Fitch believes that the latest government estimate - announced on 30 September
of the fiscal cost of recapitalising Irish banks and the transfer of assets to
NAMA are plausible, particularly if account is taken of the additional EUR5bn
estimated for the stressed case. Moreover, the large cash buffer of more than
EUR20bn, around EUR14bn of uncommitted funds of the National Pension Reserve
Fund (NPRF) as well as ongoing bank funding support from the ECB means that
Ireland still retains considerable financial flexibility. Despite the weak
performance of the economy, the underlying budgetary position remains in line

Overview

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  1. BN 5:00 Anglo Irish Debt Swaps May Pay Out on Burden Sharing (Update1)
  2. BN 7:00 Irish Consumer Confidence Drops as Debt Sparks ‘Great Panic’
  3. BN 10/05 Allied Irish Begins Offering $2.2 Billion M&T Stake to Public
    849 DML 7:11 Daily Mail (GB): Italians on terror alert [Eire Region]
    847 DML 7:11 Daily Mail (GB): OLD FOE TRAP IS THE MAN RUSSIA BOSS FEARS MOST
    830 DML 7:11 Daily Mail (GB): Neanderthals ; McGuinness lashes out at republ
    BN 7:08 *SWISS FRANC GAINS VERSUS EURO AFTER FITCH DOWNGRADES IRISH DEB
    BN 7:08 *FITCH CITES ‘EXCEPTIONAL’ COST OF IRISH GOVT RECAP OF BANKS
    BN 7:08 *IRISH 10-YEAR BOND YIELD FALLS 5 BASIS POINTS TO 6.45%
    BN 7:08 *IRISH 10-YEAR BONDS STAY HIGHER AFTER FITCH CUTS RATING TO A+
    BN 7:07 *EURO WEAKENS AGAINST DOLLAR AFTER FITCH DOWNGRADES IRELAND
    BN 7:07 *FITCH: IRELAND MAY BE CUT AGAIN ON ECONOMY, POLITICAL STALMATE
    BN 7:07 *FITCH СНИЖАЕТ РЕЙТИНГ ИРЛАНДИИ ДО А+, ПРОГНОЗ НЕГАТИВНЫЙ
    BN 7:07 *IRELAND S-T FC IDR CUT TO F1 FROM F1+ BY FITCH :1167Z US
    707 BN 7:06 Global Economy Watch: Misery Rate One Year Comparison (Table)
    BN 7:06 *IRELAND L-T FC, LC IDR CUT TO A+ FROM AA- BY FITCH :1167Z US
    690 BN 7:05 Fitch Downgrades Ireland to A+; Outlook Negative

just heard on squawk,

no link - on Bloomberg I guess

“Financial Regulator in talks with Senior Bond Holders of Anglo and Irish Nationwide”