AIB and BoI ratings downgraded

HAVING already cut Ireland’s credit standing to BBB+ the rating agency Fitch has also lowered the ranking of some of the Irish banks.

Fitch confirmed yesterday it had cut AIB and Bank of Ireland’s ratings from A- to BBB. Fitch said its previous ranking reflected the support given to the banks by the state.

It decided to derate the banks further because it now believes the state’s ability to provide funding to the sector had diminished.