Moody’s AAA rating retained

IRELAND'S AAA rating and “negative” outlook remain “completely appropriate” after the Government announced plans to cut spending by more than €2 billion, Moody’s Investors Service said yesterday.

Taoiseach Brian Cowen said yesterday he will introduce a pension levy for public workers and cut capital spending to plug a hole in the public finances. The government will also delay pay rises due to workers under a national wage agreement.

The plan “was basically as expected” Dietmar Hornung, a Frankfurt -based analyst at Moody’s, said in a telephone interview. “That said, our monitoring goes beyond yesterday’s announcements.”