Moody’s move criticised as ‘cynical and manipulative’

BROKERS have called the move by ratings agency Moody’s to cut Ireland’s credit rating to junk as “cynical and manipulative”.

Bloxham said the downgrade comes just before the EU/IMF are expected to praise Ireland for meeting all its bailout targets.

The stockbrokers said the bottom line is that the credit ratings agencies have “far too much power” but that policymakers and regulators only have themselves to blame.