DBRS Downgrades Irish Guaranteed Debt Issued by IL&P to A (high), Trend Negative

DBRS Inc. (DBRS) today has downgraded the long-term ratings of the Irish Government Guaranteed instruments issued by Irish Life & Permanent plc (IL&P or the Group) 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 Group’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 IL&P including its Non-Guaranteed Long-Term Deposits and Non-Guaranteed Long-Term Debt ratings, which remain at BBB (high), trend Stable. Moreover, today’s rating actions does not impact the Group’s Dated Subordinated Debt rating of BB, which remains Under Review with Negative Implications, where they were placed on 3 December 2010.

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

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: 27 October 2009
Most Recent Rating Update: 3 December 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.

This rating did not include issuer participation and is based solely on publicly available information.