Tags: Fitch | Irish | Rating | not | secure

Fitch’s Pryce: Ireland's Credit Rating Can't Be Seen as 'Wholly Secure'

Thursday, 30 Sep 2010 02:01 PM

Fitch Ratings’ credit rating on Ireland “cannot be regarded as wholly secure” in light of the bank bailout figures announced today, according to Chris Pryce, a director at the agency.

“Clearly, we are going to be looking very carefully at the figures that have emerged,” London-based Pryce said in a telephone interview today. “We have been looking very closely for some months at the Irish situation.” Fitch currently has an AA-negative rating and “stable” outlook on Ireland.

The cost of bailing out the country’s banks may ultimately rise to about 50 billion euros ($68 billion), under a “stress case” scenario for Anglo Irish Banks, according to government figures. The base case estimate is about 45 billion euros, the figures show.

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Fitch Ratings credit rating on Ireland cannot be regarded as wholly secure in light of the bank bailout figures announced today, according to Chris Pryce, a director at the agency. Clearly, we are going to be looking very carefully at the figures that have emerged, ...
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