RATING AGENCY Moody’s has downgraded the deposit ratings of five Irish financial institutions to junk status, indicating that Allied Irish Banks, Bank of Ireland, Irish Life Permanent (ILP), EBS and ICS Building Society are now all of “questionable credit quality”.
Moody's downgrades Irish banks to junk
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Moodys.comMoody's has downgraded by two notches the long-term bank deposit ratings of Allied Irish Banks (Allied Irish), Bank of Ireland (BoI), EBS Building Society (EBS) and Irish Life & Permanent (IL&P), and that of ICS Building Society (ICS) by one notch. BoI and ICS are now rated Ba1. Allied Irish, EBS and IL&P are now rated Ba2.
The short-term bank deposit rating at these five institutions has been downgraded to Not-Prime, from P-2 for BoI and from P-3 for the other four institutions.