ADR Report-ADRs slip with Europe banks after Ireland rating cut

By Caroline Valetkevitch

NEW YORK, Dec 17 (BestGrowthStock) – U.S.-listed shares of overseas
companies fell on Friday, led by ADRs of European banks after a
credit rating downgrade of Ireland fanned worries about the
euro zone crisis.

Shares of Bank of Ireland (IRE.N: ) dropped 4.1 percent to
$2.57 in New York, while shares of Allied Irish Banks (AIB.N: )
were down 4.7 percent at $1.24. Shares of Spain’s Banco
Santander (STD.N: ) were down 1.8 percent at $10.55.

Also, ADRs of the Royal Bank of Scotland (RBS.N: ) declined
5.2 percent to $11.93 in New York and shares of UBS (UBS.N: )
dipped 1.8 percent at $16.05. Deutsche Bank shares (DB.N: )
slipped 0.2 percent to $52.34.

Shares of British bank Lloyds Banking Group (LYG.N: ) fell 4
percent to $4.09 after it warned it would take a further hit
from its Irish portfolio as a result of the Ireland’s fiscal
woes. [ID:nLDE6BG1DI]

Moody’s Investors Service cut Ireland’s credit rating by
five notches to Baa1 from Aa2 and warned further downgrades
could follow if Dublin was unable to stabilize its debt
situation. For details, see [ID:nLDE6BG0EG]

Among other top decliners were shares of AstraZeneca
(AZN.N: ), which fell 6.2 percent to $46.17 as a heart medicine
failed to win approval.

The BNY Mellon index of leading American Depositary
Receipts (ADRs) (.BKADR: ) was down 0.5 percent, while the U.S.
benchmark S&P 500 index (.SPX: ) was up 0.2 percent.

The BNY Mellon index of leading European ADRs (.BKEUR: ) was
down 0.7 percent, while indexes related to Asia and Latin
American ADRs were relatively flat.

The BNY Mellon index of leading Asian ADRs (.BKAS: ) was up
0.05 percent, while receipts with the BNY Mellon index of
leading Latin American ADRs (.BKLA: ) were up 0.2 percent.
(Reporting by Caroline Valetkevitch; Editing by Theodore
d’Afflisio)

ADR Report-ADRs slip with Europe banks after Ireland rating cut