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Allied Irish Banks Lower Tier 2 Sub Debt To 'D' On Tender Offer Announcement; Credit Ratings Remain On Watch Neg
Standard & Poors, May 2011
Abstract
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
Action: Downgraded
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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