Exxon Mobil was demoted from the top credit rating by Standard & Poor’s for the first time since the Great Depression as the collapse of the biggest oil-market rally in history strangled cash flows.

The Irish banks pose less of a risk to the wider economy as the sector is buoyed by robust growth, according to Standard & Poor’s.

The Irish banks probably have enough capital not to fail the ECB stress tests, but they do not have sufficient levels to start functioning normally, according to Standard & Poor’s Nigel Greenwood.