Following a review under Standard & Poor's revised bank criteria (published on Nov. 9, 2011), we have affirmed our 'BB/B' counterparty credit ratings on Allied Irish Banks PLC (AIB). Our ratings on AIB reflect our view of its adequate business position, moderate capital and earnings, adequate risk position, average funding, and moderate liquidity. The ratings on AIB also reflect our view of the bank's high systemic importance in Ireland and our assessment of the Irish government as "supportive", as defined by our criteria. The outlook on AIB remains negative as we see downside risks to AIB's asset quality, material restructuring needs, and clear deleveraging risks, as well as continued macroeconomic uncertainty in the Irish banking system. The CreditWatch placement of...
Companies mentioned in this report are:
- Allied Irish Banks PLC
- Allied Irish Banks N.A. Inc.
- AIB Group (U.K.) PLC
Action: Outlook: Negative
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Product Type: Research Update
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