RATINGS agency Moody’s has cut Ireland’s credit rating to junk status, saying we will likely need further official financing before returning to the financial markets.

Standard & Poors has lowered the credit standing on four big Irish banks today.

STOCKS reacted positively to the details in the Government’s four-year plan yesterday with shares closing in positive territory last night.

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

IRELAND is surviving on international credit. It seems strange businesses find it difficult to get a slice of that credit.

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.

Europe's debt crisis mushroomed today as Spain had its credit rating lowered, just as Germany tried to reassure nervous investors that Greece's economy would not be allowed to go under.

THE Government has told us repeatedly over the past 18 months that a fully functioning banking system is essential to our economic wellbeing. This has been its justification for keeping what are in reality failed banks in existence.

The Irish Government has sold €1bn worth of bonds in an auction on the international markets this morning.

Standards and Poors says a change of Government will be needed here after the next General Election for a credible strategy for economic recovery to emerge.

THE opposition has accused Taoiseach Brian Cowen of being “too pessimistic” about the country’s future prospects.

AS the Irish population ages, the implications for the national debt and our international credit rating could be serious, a report warned yesterday.

The ISEQ changed direction at the last minute today and closed up 5.83 points to 4763.48.

THE National Treasury Management Agency yesterday auctioned €1 billion of its new benchmark 3.25% Treasury Bond 2009.

THE ISEQ index gave up all of its earlier gains to close 38.41 points lower at 4204.98.