Fitch gives Allied Irish Banks debt BB-

Fitch Ratings said it assigned Allied Irish Banks, plc's (BB, positive) upcoming Tier 2 subordinated debt issue an expected long-term rating of BB-(EXP).

The issue is rated one notch below Allied Irish Banks’ bb viability rating, reflecting the higher than average loss severity of this type of debt than senior unsecured obligations. Fitch has not applied additional notching for incremental non-performance risk relative to the viability rating given that loss absorption would only occur once the bank reaches the point of non-viability.

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