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Standard & Poor's has put life insurance securitisation Avondale Securities on negative watch in line with its outlook on note sponsor Bank of Ireland, which in turn followed its action on the Irish sovereign rating.

The Avondale ratings are "weak-linked" to the Bank of Ireland's rating because the bank must, under certain conditions, meet payments due on the notes and potential tax liabilities, Standard & Poor's said.

The EUR400mn notes issued by Avondale Securities, a special purpose vehicle sponsored by...

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