S&P cuts Bank of Ireland hybrids to CCC

Standard & Poor's said it lowered the deferrable capital instruments issued by Bank of Ireland (A/Watch negative/A-1) to CCC from B for instruments without voting rights and from B- for instruments with voting rights.

The action follows the announcement by the bank's close peer Allied Irish Banks plc (A/Watch negative/A-1), that, at the request of the European Commission, it intends to defer all coupon payments on its debt instruments that it is not legally obliged to pay, according to the agency.

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