Lenihan defends Government banking strategy

The Government has defended its banking strategy, despite another fall in Ireland's credit rating.

Standard and Poor's has downgraded the country's position from AA to AA-, making it more expensive for the State to borrow money.

The agency has blamed the rising cost of the Irish banks bail-out for the move and warned a further downgrading was possible if the cost of supporting the financial sector was increased.

However Junior Minister Conor Lenihan said the measures undertaken by the Government were the right options.

"Standard and Poor's have made a judgement call. I don’t particularly share their view, nor do other experts in the field, with regards to this particular assessment.’ he said.