Monday, Jun 08, 2009
Irish Gov taking on property related investments instrumental in downgrade
Citywire: Ireland's credit rating cut again by S&P
The Irish economy is once again under scrutiny today after the country's long term credit rating was slashed by Standard & Poor's (S&P).
S&P said it was cutting the country's long-term sovereign credit rating from AA+ TO AA, while it also said its outlook for the country was 'negative', with concerns that the cost of supporting its banking system will be higher than feared the main reason for the move.
In a statement, the agency’s credit rating analyst, David Beers, said: 'We have lowered the long-term rating on Ireland because we believe that the fiscal costs to the government of supporting the Irish banking system will be significantly higher than what we had expected when we last lowered the rating.'
Posted by jack c @ 02:30 PM (373 views) Add Comment
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