By Finbarr Flynn
Dec. 20 (Bloomberg) -- Anglo Irish Bank Corp. and Irish Nationwide Building Society, both controlled by the Irish state, had their senior debt ratings cut to junk today by Moody?s Investors Service.
Moody?s cut the senior debt ratings of the two Dublin-based lenders by three steps to Ba3 from Baa3, the ratings company said in a statement. The outlook for the debt is negative.
?These downgrades reflect not only the reduced ability of the government to support the senior debt in the future, but also the reduced systemic importance,? Moody?s said in the statement. The Irish government is in the process of winding down the two lenders over the long term.
To contact the editor responsible for this story: Finbarr Flynn at fflynn3@bloomberg.net
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