Thursday, July 2, 2009

Moody's Cuts Ireland's Credit Rating

Moody's cut Ireland's government bond ratings to Aa1, down from Aaa previously, and said the outlook was negative, leaving the door open for further cuts.

Last month, Standard & Poor's rating on Ireland for the second time this year, dropping the rating to AA from AA+ and said the outlook remains negative. Fitch Ratings downgraded Ireland's credit rating.

Ireland's deficit will soar to 10.8 percent of gross domestic product, more than three times the European Union limit, according to the government. Finance Minister Brian Lenihan said in April the government would also take on 90 billion euros ($124 billion) of property loans from the country’s lenders in a bailout effort to stave off their collapse..

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