- Language: English
- Published: December 2013
- Region: Ireland
Allied Irish Banks Lower Tier 2 Sub Debt To 'D' On Tender Offer Announcement; Credit Ratings Remain On Watch Neg
- Published: May 2011
- Region: Ireland
- Standard & Poors
On May 11, 2011, Allied Irish Banks PLC (AIB) announced a tender offer for its dated and perpetual subordinated notes, perpetual reserve capital instruments, and perpetual preferred securities commencing May 13, 2011 and ending June 13, 2011. We consider this to be a "distressed exchange" in accordance with our criteria. As a result, we are lowering our rating on AIB's lower Tier 2 debt to 'D' from 'CC'. Our ratings on AIB's Tier 1 hybrid capital and preferred securities remain at 'C'. Our 'BB/B' counterparty credit ratings on AIB are unaffected and remain on CreditWatch with negative implications pending further review of AIB's restructuring plan and the impact of its aggressive deleveraging plans on the bank's stand-alone credit profile. STOCKHOLM...
Companies mentioned in this report are: Allied Irish Banks PLC
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Allied Irish Banks PLC