Moody's predicts further promissory note restructuring

Last week’s restructuring of the IBRC promissory note payment was a positive transaction for the Government as it reduces gross borrowing needs in 2012, credit rating agency Moody’s said.

2nd April, 2012
Moody's predicts further promissory note restructuring
Moody's: decision by Germany’s Bundesbank that it won’t accept as collateral bank bonds guaranteed by Ireland, Greece and Portugal is “credit negative”.

Last week’s restructuring of the IBRC promissory note payment was a positive transaction for the Government as it reduces gross borrowing needs in 2012, credit rating agency Moody’s said.

It sees more comprehensive restructuring of promissory notes later this year, potentially improving Ireland’s funding profile, it said in its Weekly Credit Outlook briefing note this morning. The note said that the transaction was credit negative for IBRC.

But the note...

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