“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.”