S&P lines up rating

Credit rating company Standard & Poor's says it expects debt instruments covered by the Government's wholesale guarantee scheme to have the same rating as the Government.

Senior unsecured debt of maturities up to five years issued by financial institutions is eligible to be guaranteed under the Government scheme.

S&P said it expected to "equalise" ratings on such debt with the ratings of the Government.

An AA plus rating will apply to instruments if they are long term and issued in foreign currency.