Rating agency issues downbeat projection for Ireland

Moody's has issued a downbeat report on Ireland.

In its annual credit report, the ratings agency said the domestic economy here remains weak as a result of the cutbacks the public has endured in recent years.

Moody's is also looking ahead to next year, when Ireland's bailout programme is due to end and the country attempts to borrow in the markets again.

They anticipate that Ireland may need some support from someone, like the IMF or the European Cenrtal Bank, that may step in if there is not enough demand for Irish bonds.