Fitch ups three Irish banks’ notes

Fitch Ratings said it upgraded the state-guaranteed long-term senior notes of Bank of Ireland (BBB/ negative /bb-), Allied Irish Banks, plc (BBB/negative/b+) and EBS Ltd. (BBB/negative) to A- from BBB+.

The actions follow the upgrade of Irish's sovereign long-term foreign currency issuer default rating to A-.

The government-guaranteed notes issuances are senior unsecured instruments that bear the full guarantee of the Irish state. Consequently, their ratings are the highest of the issuer's long-term issuer default rating and Ireland's long-term foreign currency issuer default rating, Fitch said. Irish banks' government-guaranteed notes ratings are sensitive to any changes to Ireland's sovereign ratings.

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