Ireland Credit Rating Reduced
Published / Last Updated on 25/08/2010
by Ashley Clark, Director
The Irish Republic has suffered a blow by having its credit rating downgraded by a credit ratings agency, Standard and Poor's (S&P).
There has been concern over the so-called PIIGS countries of Portugal, Ireland, Iceland, Greece and Spain for sometime over their ability to service sovereign debt.
In simple terms, concerns that countries cannot afford to repay interest on debt that they own. S&P suggest that Ireland’s public finances are weakening because they are having to further prop up Irish Banks.
S&P cut Ireland’s rating from AA to AA- its lowest rating for Ireland for 15 years.
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