Moody’s Investors Services says it has upgraded Ireland’s credit rating by two notches.

Despite the economic compromise, the US could still lose its coveted AAA debt rating some time in the next six months, largely because the agreement does not cut enough spending.

BANK shares plunged yesterday as the market readied itself for another week of financial reports.

ELAN shares rose again yesterday after Moody’s Investors Services upgraded the outlook on its debt to positive from stable and confirmed its current ratings.

THE outlook for the Irish banking sector remains stable, though there is a risk that a serious fall in house prices could hit its profitability, a leading credit ratings agency said yesterday.