Home > World > Ireland gets poor rating from S&P

Ireland gets poor rating from S&P


Ireland has been stunned by a downgraded rating from the Standard and Poor’s agency.

The decision by S&P has immediately pushed the country’s borrowing costs up.

S&P has cut Ireland’s long-term rating by one notch to ‘AA-’ which has once again put Ireland at the center of European debt fears, with investors demanding at least a 346 basis point premium on holding Irish 10-year debt over German Bunds.

The ratings agency has also assigned a negative outlook on Ireland’s banks, making another ratings cut fairly likely in the future.

S&P’s rating is now at the same level as Fitch and one notch below Moody’s.

Big News Network.com

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