Standard & Poor Downgrades Ireland's Rating.

[NW11]

"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"

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