S&P downgrades Ireland's debt ratings

2nd February 2011, Comments 0 comments

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

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