Friday, April 15, 2011

Moody's Downgrades Ireland to Baa3

Moody's Investors Service has downgraded Ireland's government debt by two notches and kept its outlook negative.

The rating is now just one notch above "junk" status.

"Moody's negative outlook on the ratings of the government of Ireland is based on its view that the Irish government's financial strength could decline further if economic growth were to be weaker than currently projected, or if fiscal adjustment were to fall short of the government's planned consolidation path," Moody's said in a statement.

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