IRELAND and the other countries getting bailout funds from the EU/IMF could have their credit ratings suspended as part of changes in regulating Credit Rating Agencies.

IRELAND’S credit rating has been cut five notches by Moody’s on the basis that the austerity measures could dampen economic growth and domestic demand.

MEASURES to curb the powers of credit rating agencies, including making them liable for mistakes, are being floated by the European Commission.