IRELAND could face a further downgrade from Standard & Poor’s (S&P) as the ratings agency expects the country to inject as much as €35 billion into Anglo Irish Bank “over time”.

Ireland's international credit rating has been downgraded again by the Standard and Poor's ratings agency.

Ratings agency Standard & Poors (S&P) tonight revealed it has downgraded Ireland's credit rating, blaming the cost of shoring up the country's troubled banking sector.