Menu
02/07/2009
Economy 'Downgraded' By Moodys
The economic woes of Ireland continue as a major credit rating company downgraded Ireland to Aa1 from AAA.
The company is the last of the three main agencies to strip Ireland of its top credit rating, after Standard & Poor's cut its rating last month to AA and Fitch downgraded Ireland by one notch to AA+.
A statement from the company said: "Moody's concluded that there was a case for only a moderate rating downgrade at this stage in light of the decisiveness of the policy response as well as the government's strong balance sheet position prior to the crisis."
Fine Gael's Finance Spokesman Richard Bruton said the cutting of Ireland’s credit rating spells higher costs for the Irish taxpayer.
"On current forecasts, 85% of income tax will be absorbed in interest payments by 2012," Mr Bruton said.
He added: "The huge black hole in the public finances created in recent years by Brian Cowen and Fianna Fáil means that public debt is rising at an alarming rate. What’s more, taxpayers will soon have to shoulder the debt involved in the operation of NAMA."
Meanwhile, new Central Statistics Office (CSO) figures show almost 12% of adults are now out of work, meaning Ireland now has the second highest unemployment rate in Europe.
(DW/BMcc)
The company is the last of the three main agencies to strip Ireland of its top credit rating, after Standard & Poor's cut its rating last month to AA and Fitch downgraded Ireland by one notch to AA+.
A statement from the company said: "Moody's concluded that there was a case for only a moderate rating downgrade at this stage in light of the decisiveness of the policy response as well as the government's strong balance sheet position prior to the crisis."
Fine Gael's Finance Spokesman Richard Bruton said the cutting of Ireland’s credit rating spells higher costs for the Irish taxpayer.
"On current forecasts, 85% of income tax will be absorbed in interest payments by 2012," Mr Bruton said.
He added: "The huge black hole in the public finances created in recent years by Brian Cowen and Fianna Fáil means that public debt is rising at an alarming rate. What’s more, taxpayers will soon have to shoulder the debt involved in the operation of NAMA."
Meanwhile, new Central Statistics Office (CSO) figures show almost 12% of adults are now out of work, meaning Ireland now has the second highest unemployment rate in Europe.
(DW/BMcc)
Related Irish News Stories
Click here for the latest headlines.
06 March 2009
Ireland's Credit Rating To Take Hit
Ireland may lose its highest bracket credit rating because of the slump in Exchequer finances. International credit ratings agency Fitch said today the country’s debt rating had been placed on "negative watch", meaning the credit rating could be in for a downgrade.
Ireland's Credit Rating To Take Hit
Ireland may lose its highest bracket credit rating because of the slump in Exchequer finances. International credit ratings agency Fitch said today the country’s debt rating had been placed on "negative watch", meaning the credit rating could be in for a downgrade.
14 February 2012
Six Euro Nations Downgraded
International ratings agency Moody's has downgraded the credit rating of six eurozone countries, including Italy, Portugal and Spain. Malta, Slovakia, Slovenia and Austria were also downgraded, while the outlook on the UK's Aaa rating has been changed to "negative ".
Six Euro Nations Downgraded
International ratings agency Moody's has downgraded the credit rating of six eurozone countries, including Italy, Portugal and Spain. Malta, Slovakia, Slovenia and Austria were also downgraded, while the outlook on the UK's Aaa rating has been changed to "negative ".
24 November 2010
Irish Credit 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 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.
14 March 2016
Ireland's Sovereign Rating Upgraded
Ireland's sovereign rating has been upgraded to 'A High' by the DBRS scale . The new grade is an improvement on one notch of the scale and comes following recent upgrades from other agencies and reflects the improving position of the economy and the public finances.
Ireland's Sovereign Rating Upgraded
Ireland's sovereign rating has been upgraded to 'A High' by the DBRS scale . The new grade is an improvement on one notch of the scale and comes following recent upgrades from other agencies and reflects the improving position of the economy and the public finances.
17 January 2012
Euro Stability Bond Auction 'Successful'
An auction by the authority overseeing Euro recovery has announced it has attracted €4.6 billion in bids despite being credit downgraded hours beforehand. On Tuesday, the European Financial Stability Facility (EFSF) held a six-month auction on it's current holdings, which they said had been met with "very strong demand".
Euro Stability Bond Auction 'Successful'
An auction by the authority overseeing Euro recovery has announced it has attracted €4.6 billion in bids despite being credit downgraded hours beforehand. On Tuesday, the European Financial Stability Facility (EFSF) held a six-month auction on it's current holdings, which they said had been met with "very strong demand".
-
Ireland WeatherToday:Very windy with persistent and occasionally heavy rain at first, becoming drier with the wind easing towards midday. Mainly dry with bright spells increasing during the afternoon. Milder than of late. Maximum temperature 14 °C.Tonight:Cloudy with clear spells, mainly dry evening becoming windy with rain at times from late evening. Turning drier with clear spells towards morning. Milder than of late. Minimum temperature 2 °C.
