S&P cuts Allied Irish Bank ratings to BBB-plus

NEW YORK Oct 8 (Reuters) - Standard & Poor's on Friday cut its ratings on Allied Irish Bank (AIB.N) (ALBK.I), citing continuing deterioration in the bank's reputation due to the need for increased capital from the Irish government to support it.

S&P cut the company one notch to BBB-plus, the third lowest investment grade, from A-minus. The outlook is negative, indicating an additional downgrade is more likely over the coming one-to-two years. (Reporting by Karen Brettell; Editing by James Dalgleish)