Moody's Downgrades Unsecured Irish Bank Debt , Bank of Ireland, Allied Irish Banks PLC, EBS Building Society, Irish Life & Permanent, Anglo Irish Bank, and Irish Nationwide Building Society.

Moody's Downgrades Unsecured Irish Bank Debt - WSJ.com: "-Moody's Investors Service Inc. cut its ratings on senior debt issued by six Irish banks that is not guaranteed by the Irish government Friday, saying that recent statements cast doubt on the government's willingness to support the banks and there was a growing risk that senior bondholders would share the costs of bailing out the country's banking system.<br /> <br /> The banks whose long-term, unguaranteed senior debt ratings are affected are Bank of Ireland, Allied Irish Banks PLC, EBS Building Society, Irish Life & Permanent, Anglo Irish Bank, and Irish Nationwide Building Society.<br /> <br /> Moody's also put these ratings on review for further possible downgrades. The rating agency said it had until now 'assumed a high degree of systemic support for the banks' senior unsecured debt and deposits' and this had been a reflection of Irish government measures like capital injections and debt guarantees.<br /> <br /> But recent statements by both opposition politicians and Irish Finance Minister Brian Lenihan, who this week postponed further capital injections until after February's election, have brought this support into question.<br /> <br /> Moody's also said there was a growing risk that senior bank creditors would have to share the 'huge fiscal burden' that bank bailouts have placed on taxpayers, 'most likely through distressed exchanges.'"

Moody's Downgrades Unsecured Irish Bank Debt , Bank of Ireland, Allied Irish Banks PLC, EBS Building Society, Irish Life & Permanent, Anglo Irish Bank, and Irish Nationwide Building Society.

Moody's Downgrades Unsecured Irish Bank Debt - WSJ.com: "-Moody's Investors Service Inc. cut its ratings on senior debt issued ...

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