Credit rating agency Standard & Poor's has again cut its ratings for most Irish banks, saying conditions in the Irish banking industry remain weak.
Credit rating agencies rate the ability of companies and countries to pay their debts. Their reports are closely watched by investors.
S&P has lowered its rating on AIB, Bank of Ireland, Ulster Bank and Anglo Irish Bank, while Irish Life and Permanent's rating remains unchanged.
The agency said tough economic conditions would continue to put pressure on bank profits, while losses from loans would remain high over the next two years and were likely to peak this year.
S&P also said it had relegated the Irish banking system as a whole to its group four, which puts it alongside countries like South Korea, the Czech Republic and Slovakia.
It said this downgrade was because of the impact of the tough economic environment and its expectation of big changes in the regulatory system and greater State involvement in the banking sector.
