Fitch has downgraded the short-term default ratings of four Irish banks to reflect its view that the Government’s new guarantee scheme is “less comprehensive” than the existing scheme.

The international ratings agency yesterday downgraded the short-term Issuer Default Ratings (IDR) of AIB and Bank of Ireland from “F1” to “F1+”.

The ratings agency also downgraded the short-term IDRs of EBS and Irish Nationwide Building Society to “F2” from “F1+”.