‘Bailout’ countries could have credit ratings suspended

IRELAND and the other countries getting bailout funds from the EU/IMF could have their credit ratings suspended as part of changes in regulating Credit Rating Agencies.

Michel Barnier, the European Commissioner in charge of regulation, said he believes this could be discussed since these countries’ immediate refinancing needs are covered by their EU/IMF loans.

He will ask that finance ministers debate the issue at one of their upcoming meetings and other similar questions, especially following the decision to downgrade Portugal’s rating to junk as they began to implement their programme.