Fitch strips Ireland of its ‘A’ credit status

09/12/10 17:14 CET

economy

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Ireland’s credit rating has been cut again by ratings agency Fitch.

It was slashed by three notches to triple B plus from A plus, but Fitch said its outlook is stable.

The downgrade reflects the additional costs of restructuring and supporting Ireland’s banking system as well as the highly uncertain economic outlook.

Emergency funding from the EU and IMF meant the rating was not cut further.

“The scale and pace of the deterioration of public finances, continuing contingent fiscal and macro-financial risks emanating from the banking sector means that Ireland’s sovereign credit profile is no longer consistent with a high investment grade rating,” Fitch said in a statement.

Fellow ratings agencies Moodys and S&P have Ireland on Aa2 and A ratings respectively but both have put the country’s sovereign rating on review for a possible downgrade.

More about: Economy, Financial Crisis, Ireland

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