Moody's downgrades the Irish banks, lowering its rating on Bank of Ireland (IRE) to Ba1 and...

|By:, SA News Editor

Moody's downgrades the Irish banks, lowering its rating on Bank of Ireland (IRE) to Ba1 and Allied Irish Bank (AIB) to Ba2. Moody's cites the "reduction in the level of systemic support" for the banks' debt as rationale. Shares are showing little reaction, having fallen sharply last week.