Moody’s Downgrades Anglo Irish Subordinated Debt By Six Notches
Moody’s just downgraded Anglo Irish senior unsecured debt by three notches (A3/Prime-1 to Baa3/Prime-3) and subordinated debt by six notches (Ba1 to Caa1).
Irish spreads unchanged at Fridays record highs.
Downgrade (as usual) when the market price has already ran its course.