Ratings agency downgrades Ireland's credit rating

Ireland has had its credit rating downgraded by ratings agency Fitch from AA- to A+.

It is citing the huge cost of cleaning up the banks, particularly Anglo Irish Bank, and comes following Monday's warning from Moodys that it too might cut Ireland's rating.

The flurry of bad news has driven the cost of Government borrowings higher - it now costs

Ireland almost three times as much to borrow as Germany.

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