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Standard & Poor Downgrades Ireland's Rating.

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"Ireland moved to the brink of losing an A-grade credit rating today after Standard & Poor's downgraded the country's debt for the third time in six months.

S&P cut its rating on Ireland's long-term debt by one notch, to A- from A, one downgrade away from falling into the B range. It blamed its decision on Ireland's crippled banking sector, warning that the Irish government may have to pump even more money into it if the wider economy weakens further"


Further downgrades are likely. AAA to junk status possible in less than 2 yrs

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