Credit agencies monitor elections

Fresh downgrades of Irish banks may be on the way as credit ratings agencies become nervous about political parties’ proposals to make bondholders share more of the burden of the banking crisis.

5th February, 2011

Fresh downgrades of Irish banks may be on the way as credit ratings agencies become nervous about political parties’ proposals to make bondholders share more of the burden of the banking crisis.

Credit rating agency Standard & Poor’s last week lowered its banking industry credit risk for Irish banks, while Moody’s gave a strong warning to opposition parties about making the bondholders pay.

S&P said the ‘‘stated stance of opposition...

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