S& P cuts back Ireland's rating for second time [Edition 3]

Evening Standard - London › June 08, 2009

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Summary

IRELAND had its sovereign debt rating slashed for the second time in two months, and was warned it could face further downgrades after Standard & Poor's said it would cost more than expected to bail out the country's banks.

The Irish government has been forced to pump billions of euros into three banks and a building society. S& P warned: "The rating could be lowered again if asset quality in the Irish banking system deteriorates at a faster pace than we expect."

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S& P cuts back Ireland's rating for second time [Edition 3]

The ratings agency cut Ir...

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