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S&P rates NAMA A1

NAMA has been given an A1 rating from Standard & Poor's (S&P) and looks prepared to raise €2.5bn in borrowings to fund its operations.

The so-called bad bank is attempting to return value to the taxpayer on €40bn of loans.

S&P said that the rating arises because NAMA has an "unconditional, irrevocable and timely guarantee'' from the Government.