Premium Essay

Best Technical Support Award

In: Novels

Submitted By vickeysikkim
Words 4359
Pages 18
July 4, 2011

Anglo Irish Bank Corp. Ltd.
Primary Credit Analyst: Sean Cotten, Stockholm (46) 8-440-5928; sean_cotten@standardandpoors.com Secondary Contact: Giles Edwards, London (44) 20-7176-7014; giles_edwards@standardandpoors.com

Table Of Contents
Major Rating Factors Rationale Outlook Related Criteria And Research

www.standardandpoors.com/ratingsdirect

1
876943 | 301539251

Anglo Irish Bank Corp. Ltd.
Major Rating Factors
Strengths:
• 100% ownership by the Irish government, which has provided substantial capital support. Counterparty Credit Rating
CCC/Negative/C

Weaknesses:
• Apparent reluctance of the Irish government to provide further capital support. • Potential for burden-sharing by subordinated bondholders to be extended to senior unguaranteed bondholders. • Very high reliance on emergency liquidity assistance from the Irish central bank.

Rationale
The ratings on Anglo Irish Bank Corp. Ltd. (Anglo) reflect Anglo's 100% ownership by the government of the Republic of Ireland (BBB+/Stable/A-2) and Standard & Poor's Ratings Services' view of Anglo as a government-related entity (GRE). According to our criteria for rating GREs, we believe there is a "low" likelihood of further extraordinary support for Anglo. This is because we perceive a "limited" link between the bank and the government in terms of future support and we consider Anglo to be of "limited importance" to the government. As a result, the GRE status provides no uplift to our assessment of Anglo's stand-alone credit profile (SACP). The ratings notably reflect Anglo's heavy reliance on the Irish central bank for funding and our view that the Irish government will ask for approval from the European Central Bank (ECB) to impose burden-sharing on unguaranteed, unsecured senior holders of Anglo's bonds in the near future. Anglo is a property-focused commercial lending bank…...

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