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BANK OF IRELAND and other European financial institutions hit out at plans by ratings agency Moody's plans to review and possibly downgrade its credit rating on some debt issued by the lenders. Moody's said it is reviewing so-called hybrid bonds that have equity characteristics. The agency is about to lower ratings on a number bonds sold by banks because they allow issuers to skip or cancel interest payments without defaulting.
Brian Kealy, who manages bond sales for Bank of Ireland called the review "unwelcome". The bank issued almost $1bn in hybrid bonds last September. Bloomberg
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YOU ARE HERE: 19 March 2007 / tribune.ie / 2006 / 12 / 10
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