Moody's gives Irish banks junk status

Monday 18 April 2011 14.19
Bank of Ireland - Now rated Ba1
Bank of Ireland - Now rated Ba1

Moody's has cut the long-term bank deposit ratings of Ireland's Government-backed banks by two notches following a downgrade for the country last week.

This means all Government-backed banks are now classified as junk.

The rating agency cut Ireland's rating to Baa1, just above junk status, on Friday and kept its outlook on negative.

Bank of Ireland is now rated Ba1 following today's cut.

AIB, EBS and Irish Life & Permanent are rated Ba2, one notch below Bank of Ireland.