Ireland joins Portugal and Greece as credit rating hits junk status

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.

It means we are the third eurozone country to be lowered to junk, following Portugal and Greece.

The chances that European policymakers will force the private sector to share the burden of future bailouts also weighed on Moody’s decision, as the agency believes that decision would drive borrowing costs higher for weaker eurozone members.