Credit rating agency Standard & Poor's has lowered its rating of Irish Life & Permanent's debt by one notch to BB+ after last week's stress tests on the banks and the subsequent restructuring plans announced by the Government.
S&P said it made the move because of the planned restructuring of IL&P, including the sell-off of its profitable Irish Life business.
The agency also lowered its rating of Anglo Irish Bank, because of 'its reduced importance to the Irish Government'.
The ratings of AIB, Bank of Ireland and IL&P remain on what S&P calls CreditWatch with negative implications, which means the agency is looking at a further downgrade of the debt of these banks.
