Menu
10/12/2010
Credit Agency Drops Ireland To BBB+
Another credit rating agency has dropped Ireland down to the BBB+ although maintained that the State's economy was "stable".
International ratings agency Fitch said today it was downgrading Ireland's credit rating by three notches, citing the cost of bailing out the banking system.
The agency said it was cutting the country's long-term foreign and local currency issuer default ratings to BBB+ from A+. The outlook on the rating is stable, it said.
"The scale and pace of the deterioration of public finances, continuing contingent fiscal and macro-financial risks emanating from the banking sector, combined with the highly uncertain economic outlook and loss of market access, means that Ireland's sovereign credit profile is no longer consistent with a high investment grade rating," the agency said.
A statement from the agency added that Ireland's continued investment grade status was underpinned by the EU-IMF external support, as well as the Irish government's demonstrated commitment to fiscal consolidation and still strong underlying "economic fundamentals".
At the end of November, Standard & Poor's announced they are downgrading the State's international credit rating and placing Irish banks on "CreditWatch".
The news came only days after another international ratings agency, Moody's, announced it would be slashing Ireland's credit rating, following the news of the Irish bailout.
(DW)
International ratings agency Fitch said today it was downgrading Ireland's credit rating by three notches, citing the cost of bailing out the banking system.
The agency said it was cutting the country's long-term foreign and local currency issuer default ratings to BBB+ from A+. The outlook on the rating is stable, it said.
"The scale and pace of the deterioration of public finances, continuing contingent fiscal and macro-financial risks emanating from the banking sector, combined with the highly uncertain economic outlook and loss of market access, means that Ireland's sovereign credit profile is no longer consistent with a high investment grade rating," the agency said.
A statement from the agency added that Ireland's continued investment grade status was underpinned by the EU-IMF external support, as well as the Irish government's demonstrated commitment to fiscal consolidation and still strong underlying "economic fundamentals".
At the end of November, Standard & Poor's announced they are downgrading the State's international credit rating and placing Irish banks on "CreditWatch".
The news came only days after another international ratings agency, Moody's, announced it would be slashing Ireland's credit rating, following the news of the Irish bailout.
(DW)
Related Northern Ireland Business News Stories
Click here for the latest headlines.
24 November 2010
Irish Credit Rating Downgraded By Agency
Ireland's difficulties seem to worsen by the hour as Standard & Poor's announce they are downgrading the State's international credit rating and placing its banks on "CreditWatch". The news comes just after another international ratings agency, Moody's, announced it would be slashing Ireland's credit rating, following the news of the Irish bailout.
Irish Credit Rating Downgraded By Agency
Ireland's difficulties seem to worsen by the hour as Standard & Poor's announce they are downgrading the State's international credit rating and placing its banks on "CreditWatch". The news comes just after another international ratings agency, Moody's, announced it would be slashing Ireland's credit rating, following the news of the Irish bailout.
19 July 2010
Irish Credit Rating Downgraded Again
Ireland's international credit rating has again been downgraded by an influential international ratings agency. Moody's is a major ratings agency informing outside investors on investment risk. The agency has downgraded Ireland's sovereign bond rating from Aa1 to Aa2, possibly harming Ireland's ability to attract investment from overseas.
Irish Credit Rating Downgraded Again
Ireland's international credit rating has again been downgraded by an influential international ratings agency. Moody's is a major ratings agency informing outside investors on investment risk. The agency has downgraded Ireland's sovereign bond rating from Aa1 to Aa2, possibly harming Ireland's ability to attract investment from overseas.
09 April 2009
Irish Banks Downgraded Despite Budget Proposal
Despite Brian Lenihan's best efforts, Ireland's banks have been downgraded by the credit rating agency, Moody's. Moody's has cut its ratings on 12 banks operating in Ireland, despite the Finance Minister's budgetary plan to create an asset management agency to buy up risky bank loans.
Irish Banks Downgraded Despite Budget Proposal
Despite Brian Lenihan's best efforts, Ireland's banks have been downgraded by the credit rating agency, Moody's. Moody's has cut its ratings on 12 banks operating in Ireland, despite the Finance Minister's budgetary plan to create an asset management agency to buy up risky bank loans.
27 August 2010
'Economy Improving' Says Bank, Despite Downgrade
Ulster Bank has announced that improving exports and more consumer spending has led to an improving economy, despite yesterday's downgrading of Ireland's credit rating. Ulster Bank said today it was revising its forecasts for Irish economic growth in 2010 upwards, predicts average annual GDP growth of 1%, up from -0.5% previously.
'Economy Improving' Says Bank, Despite Downgrade
Ulster Bank has announced that improving exports and more consumer spending has led to an improving economy, despite yesterday's downgrading of Ireland's credit rating. Ulster Bank said today it was revising its forecasts for Irish economic growth in 2010 upwards, predicts average annual GDP growth of 1%, up from -0.5% previously.
29 July 2010
Enterprise Agency Gains Two Directors
The representative body for the Local Enterprise Agency Network - Enterprise Northern Ireland - has appointed two new non-Executive Directors to its Board. They are Sandy Smith, former Director General of the International Fund for Ireland and Angela McGowan, Chief Economist at Northern Bank.
Enterprise Agency Gains Two Directors
The representative body for the Local Enterprise Agency Network - Enterprise Northern Ireland - has appointed two new non-Executive Directors to its Board. They are Sandy Smith, former Director General of the International Fund for Ireland and Angela McGowan, Chief Economist at Northern Bank.
-
Northern Ireland WeatherToday:After a dry start this morning rain will spread from the northwest across all parts. This afternoon will be dull with some patchy rain and drizzle. Becoming much milder through the afternoon. Maximum temperature 11 °C.Tonight:A cloudy evening and night with a little light rain or drizzle, perhaps some clear periods developing along the east coast. A very mild night everywhere. Minimum temperature 10 °C.
