Moody's Downgrades Ireland's Credit Rating

Before you go, we thought you'd like these...
Before you go close icon
Ireland had its credit rating cut lowered one notch by Moody's Investors Service on "a significant loss of financial strength." Moody's lowered the country's rating to Aa2 from Aa1. The outlook on the new rating is "negative."

The cost of bailing out the country's banks is increasing pressures on Ireland's public finances, Bloomberg News reported. The country's recession forced it to run a budget deficit of 14.3% of GDP in 2009. That's the widest deficit in the eurozone.

"It's a gradual, significant deterioration, but not a sudden, dramatic shift," Dietmar Hornung, Moody's lead analyst for Ireland, told Bloomberg News.
Read Full Story

Markets

S&P 500 2,343.98 -1.98 -0.08%
DJIA 20,596.72 -59.86 -0.29%
NASDAQ 5,828.74 11.04 0.19%
DAX 12,064.27 24.59 0.20%
NIKKEI 225 19,262.53 177.22 0.93%
HANG SENG 24,358.27 30.57 0.13%
USD (per EUR) 1.08 0.00 0.41%
USD (per CHF) 0.99 0.00 -0.31%
JPY (per USD) 110.51 -0.82 -0.74%
GBP (per USD) 1.25 0.00 0.36%

Want more news like this?

Sign up for Finance Report by AOL and get everything from business news to personal finance tips delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

From Our Partners