DBRS Correction: DBRS Downgrades Irish Guaranteed Debt Issued by Anglo Irish Bank to A (high), Neg.

In the DBRS Inc. (DBRS) press release for Anglo Irish Bank Corporation Limited (Anglo Irish or the Bank) published on 15 December 2010, DBRS inadvertently left out the rating for the Floating Rate Notes Due 2011 Guaranteed by Irish Government. The corrected version is as follows:

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 the long-term ratings is Negative, while the trend on the short-term ratings is Stable. This rating action follows the DBRS’s downgrade of the Republic of Ireland to A (high)/ R-1 (middle) 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 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 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 the DBRS website under Methodologies.

The sources of information used for this rating include the issuer, Minister for Finance and Central Bank of Ireland. DBRS considers the information available to it for the purposes of providing this rating was of satisfactory quality.

Lead Analyst: Steve Picarillo
Rating Committee Chair: Alan G. Reid
Approver: Alan G. Reid
Initial Rating Date: 7 September 2006
Most Recent Rating Update: 15 December 2010

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