DBRS Downgrades Irish Guaranteed Debt Issued by Anglo Irish Bank to A (high), Trend Negative

DBRS Inc. (DBRS) today has downgraded the long-term ratings of the Irish Government Guaranteed instruments issued by Anglo Irish Bank Corporation Limited (Anglo Irish or the Bank) to A (high) from AA. Concurrently, DBRS has downgraded the ratings of Short-Term Deposits and Short-Term Debt Guaranteed by the Irish Government to R-1 (middle) from R-1 (high). The trend on all Government Guaranteed ratings is Negative. This rating action follows the DBRS’s downgrade of the Republic of Ireland to A (high) with a Negative trend. The Bank’s government guaranteed ratings have been removed from Under Review with Negative Implications that was assigned on 5 October 2010.

Today’s rating action does not impact the other ratings of Anglo Irish including its Non-Guaranteed Long-term Deposits and Non-Guaranteed Long-Term Debt ratings, which remain at BBB (low), Under Review with Negative Implications, where they were placed on 10 September 2010.

Notes:
All figures are in Euros (EUR) unless otherwise noted.

For further information related to DBRS’s rating of the Republic of Ireland please see the related press release below.

The applicable methodologies are Global Methodology for Rating Banks and Banking Organisations and Enhanced Methodology for Bank Ratings – Intrinsic and Support Assessments, which can be found on our website under Methodologies.

Lead Analyst: Steve Picarillo
Rating Committee Chair: Alan G. Reid

Initial Rating Date: 7 September 2006
Most Recent Rating Update: 24 November 2010

The sources of information used for this rating include the DBRS rating of the Republic of Ireland. For further information related to DBRS's rating of the Republic of Ireland, please see the related press release below.

For additional information on this rating please refer to the linking document located below.