Ireland downgraded by ratings agency

Ratings agency Standard & Poors (S&P) tonight revealed it has downgraded Ireland's credit rating, blaming the cost of shoring up the country's troubled banking sector.

Ireland downgraded by ratings agency

Ratings agency Standard & Poors (S&P) tonight revealed it has downgraded Ireland's credit rating, blaming the cost of shoring up the country's troubled banking sector.

S&P cut Ireland's long term rating to AA-, three levels below its top rating of AAA. It also gave the country a 'negative outlook', indicating a further downgrade may be likely in the medium term.

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