Moody's cut Anglo Irish, Irish Nationwide debt

Moody's Investors Service said it downgraded the long-term unguaranteed senior debt ratings of Anglo Irish Bank and Irish Nationwide Building Society to Caa2 from Caa1.

The outlook is negative.

The long-term bank deposit ratings of both institutions were confirmed at Caa1. This concludes the review for possible downgrade originally initiated on Feb. 11.

There is no rating impact on the stand-alone bank financial strength ratings, the subordinated and tier 1 debt ratings, and government-guaranteed debt ratings of the two institutions.

The downgrade of the unguaranteed senior debt ratings follows recent statements made by the Irish government that confirm the heightened risk that the government may yet impose losses on this class of debt, which has so far been protected from burden sharing, the agency said.

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