Fitch affirms Irish Life

Fitch Ratings said it affirmed Irish Life Assurance plc's long-term issuer default rating at BBB and assigned a negative outlook.

Irish Life's subordinated debt was affirmed at BB+ and both ratings were removed from Rating Watch negative.

The ratings follow the removal of Irish sovereign's rating of BBB+ from Rating Watch negative.

Irish Life is exposed to the Irish sovereign through material shareholder exposure to Irish government debt, the agency said.

Irish Life's ratings reflect the strong link between its business and the Irish economy, the agency added.

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