Market down after Greek cut

THE ISEQ fell 12.42 points to 2,914 yesterday.

Ratings agency Moody’s cut Greece’s credit rating further into junk territory and said it was almost certain to slap a default tag on its debt as a result of a new EU rescue package. It cut Greece’s rating by three notches to Ca, just one notch above default, to reflect the expected loss implied by the proposed debt exchanges.

In the financial sector, Bank of Ireland added 0.1 to 10.2c. AIB gained 1.1c to 13.5c, while Irish Life & Permanent increased 1c to 5c.