Moody's cuts debt of five Irish banks

Moody's Investors Service said it downgraded to Ba1 (not-prime) from Baa3 (prime-3) the government-guaranteed debt of five Irish banks.

This action follows the downgrade of Ireland's government's bond ratings to Ba1 from Baa3.

The outlook is negative.

The downgraded government-guaranteed debt includes that of Allied Irish Banks, Anglo Irish Bank, Bank of Ireland, EBS Ltd. and Irish Life & Permanent.

These five banks all have issued public debt under the eligible liabilities guarantee scheme, Moody's said, with ratings based on the unconditional and irrevocable guarantee from the Irish government.

There is no impact on other ratings of banks in Ireland, Moody's said.

The other ratings of the five banks, including the bank deposit ratings and senior unsecured debt ratings are unaffected by this action, the agency said.

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