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Allied Irish Banks And Bank of Ireland Show Progress In Restructuring, But Considerable Hurdles Remain Sep 10
Standard & Poors, Sep 2010
Abstract
With government support, Allied Irish Banks PLC (AIB; A-/Negative/A-2) and Bank of Ireland (BOI; A-/Negative/A-2) are both undergoing substantial restructuring. Standard & Poor's Ratings Services is of the view that both banks have made progress in the past several months, with BOI ahead on capital raising. In our view, the slower progress at AIB partly reflects the greater complexity of the task, but we believe that it has now started to execute on its capital strengthening. Following yesterday's outlook revision on BOI to negative from stable and today's affirmation of AIB, the ratings and outlook on AIB and BOI are the same. This reflects similarities in our expectations for AIB and BOI once restructuring is completed and in the challenges...
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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