Last week, the global financial ratings agency Standard & Poor’s published its first review of low-cost airline Ryanair.

Finance Minister Michael Noonan says he hopes Moody’s Investors Service will raise the nation’s credit rating from non-investment grade as the country exits its bailout programme and plans debt sales.

Fitch Ratings has revised Spain’s outlook upwards from negative to stable and affirmed the country’s ratings at “BBB”.

Standard & Poor's is downgrading Spain's credit rating two notches to the agency's lowest investment-grade level.

Raising the stakes in Europe’s debt crisis, Austria’s finance minister said Italy may need a financial rescue due to its high borrowing costs, drawing a furious rebuke from the Italian prime minister.

Spain is expected to ask the eurozone for help with recapitalising its banks this weekend, sources in Brussels and Berlin said yesterday, becoming the fourth country to seek assistance since Europe’s debt crisis began.

Spanish sovereign debt has been downgraded by three notches from A to BBB by Fitch Ratings, which said the likelihood of external financial support is rising.

International ratings agency Standard & Poors has cut Cyprus’s credit grade by one notch to BBB – just two notches above junk status.

THE ISEQ index inched up yesterday, to close marginally higher at 2,511.81, an increase of 10.1 points.

AVOCA Capital Holdings is planning to use a record cash hoard to buy high-yield debt that has plummeted 8.4% since July, the co-founder of the €6 billion Dublin-based fund said.

Cypriot politicians approved a package of tax increases and cost cuts in a bid to forestall further credit rating downgrades and ease concerns that the European Union member country may be forced to seek a bailout.

THERE are no talks under way to draft an aid plan for Cyprus, the European Commission has said.

Spain’s parliament passed an austerity budget for 2011 by a razor-thin margin, saving embattled prime minister Jose Luis Rodriguez Zapatero his job.

HAVING already cut Ireland’s credit standing to BBB+ the rating agency Fitch has also lowered the ranking of some of the Irish banks.

IRISH stocks closed in positive territory last night following what was one of the toughest weeks ever for the Irish economy.

BP chief executive Tony Hayward awaited the fury of US senators in Washington today over the Gulf of Mexico spill despite scrapping dividends and setting up a $20bn (€16bn) compensation fund.

BP bosses face a mauling at crunch talks today after US President Barack Obama vowed to make the British oil giant pay for the Gulf of Mexico spill.

US stocks tumbled yesterday and the dollar and Treasuries rose as credit-rating downgrades of Greece and Portugal fuelled concern that debt-laden nations are moving closer to default.

BANK of Ireland may need to raise €2 billion of new capital after transferring loans to NAMA, according to analysts at international investment research firm CreditSights.

BRITISH Sky Broadcasting Group Plc, the British pay-television firm controlled by Rupert Murdoch, had its credit rating raised to investment grade by Standard & Poor after it boosted profit and cut debt.