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Allied Irish Banks' Hybrid Debt Lowered To 'D' On Implementation Of Court Order; CCR Remains On Watch Neg Jun 11
Standard & Poors, June 2011
Abstract
On April 14, 2011, the High Court of Ireland approved the request by the Minister for Finance under the Credit Institutions (Stabilization) Act 2010 to change the terms and conditions of Allied Irish Banks' (AIB) dated and perpetual subordinated debt. This court order was finalized on June 8, 2011 for 16 of the 18 affected securities, including all of the hybrid debt instruments. We are therefore lowering our ratings on AIB's hybrid loans to 'D' from 'C' as outlined in our related rating action on April 20, 2011 ('Allied Irish Banks' Lower Tier 2 Debt To 'CC' On Court Order And Debt Buyback Plan; 'BB/B' Ratings Still On Watch Neg'). While this decision also affects some lower Tier 2 instruments,...
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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