S&P downgrades Ireland's debt ratings
Standard & Poor's on Wednesday downgraded its short- and long-term debt ratings for Ireland by one notch, citing concerns about the health of the eurozone nation's banking sector.
"Standard & Poor's Ratings Services today said that it has lowered its long-term ratings on the Republic of Ireland to 'A-' from 'A' and its short-term ratings to 'A-2' from 'A-1'."
S&P added in a statement that it was keeping the ratings on "creditwatch with negative implications" -- reflecting its view "of the uncertainties surrounding the size of Ireland's additional capital needs for its largely state-owned financial sector."
© 2011 AFP