Cowen: Moody's report has positive aspects

Taoiseach Brian Cowen has today criticised the media for what he says is the constant negativity about the economy and the Government's actions.

Mr Cowen's comments come after the ratings agency Moody's downgraded Ireland's credit rating from Aa1 to Aa2.

Shares on the Irish Stock Exchange have taken a hit since the announcement with bank shares worst hit.

The rating drop is likely to make the cost of credit on international markets slightly more expensive.

The report upgraded its medium-term view of Ireland to 'stable', however.


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