Moody’s may cut Ireland’s rating after €50bn pledge

IRELAND’S credit rating may be cut by Moody’s Investors Service after the Government pledged as much as €50 billion to save the country’s banks.

Ireland’s Aa2 rating will “most likely” be cut by one level if a downgrade goes ahead, the company said.

A downgrade by Moody’s, which will finish its review within three months, will bring Ireland’s rating into line with those of Standard & Poor’s and Fitch.