Economic

Moody’s slashes Ireland’s credit rating

“Moody’s has downgraded debt-stricken Ireland by five notches just days after the Irish parliament approved a multi-billion euro international bailout.

The credit ratings agency cited increased uncertainties over Ireland’s economy and public finances for cutting its foreign and local-currency government bond ratings from Aa2 to Baa1.

The action follows similar but less drastic downgrades by Standard & Poor’s and Fitch, adding to the pressure as investors demand a higher return to buy government bonds.”

(Source: Moody’s slashes Ireland’s credit rating – CNN.com)

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