Ireland's financial crisis leads to another downgrade


In the latest sign that the global recession has Ireland's "Celtic Tiger" in its cross hairs, credit rating firm Moody's Investors Service stripped the country's debt of its coveted highest rating today and said another downgrade could be coming.

The cause? According to Moody's, Ireland's costly bailout of its banks has cost too much. Standard & Poor's and Fitch, the other major ratings companies, have already slashed their ratings of Irish bonds the same reason.