Market falls as S&P cuts rating

THE ISEQ index decreased 24.42 points to 2,903.19 yesterday.

Global ratings agency Standard and Poor’s cut Ireland’s credit rating to A-/A-2 from A/A-1 and kept a negative outlook amid uncertainty over how much additional capital the country’s banks will need. S&P said it would be able to reassess the rating by April when the Central Bank will have completed a review of the banks’ liquidity and capital requirements.

In the financial sector, AIB gained 0.4c to €24.8. Bank of Ireland improved 0.3c to 34.2c, while Irish Life & Permanent slipped 0.7c to 90c.