Irish Life & Permanent had its ratings outlook lowered to negative by analysts at Moody's Investors Service, which cited dependence on wholesale funding and falling profit.
Irish Life has a long-term deposit rating of Aa3 and a short-term bank deposit rating of Prime-1, Moody's said today in a report. The company has a "baseline credit assessment" of A2, Moody's said.
"The rating agency expects the higher costs of wholesale funding, together with the lower volumes of new business being generated, to lead to lower profitability in 2008," Moody's said.
Bloomberg