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Europe

Fitch slashes Ireland's credit rating, citing cost of salvaging banking sector

Text by News Wires

Latest update : 2010-12-09

Fitch Ratings on Thursday slashed Ireland's credit rating three notches due to the costs of salvaging the banking system. Pat Cox, former president of the European Parliament, says poor public policy in the last decade helped fuel the Irish crisis.

REUTERS - Fitch Ratings slashed Ireland's credit rating by three notches to BBB+ from A+ and put it on a stable outlook on Thursday, saying the downgrade reflected the additional costs of restructuring and supporting the banking system. "The scale and pace of the deterioration of public finances, continuing contingent fiscal and macro-financial risks emanating from the banking sector means that Ireland's sovereign credit profile is no longer consistent with a high investment grade rating," Fitch said in a statement.

It added that while Ireland had received relative security via emergency funding from the EU and IMF, the highly uncertain economic outlook and loss of market access had also contributed to the downgrade.

 

Date created : 2010-12-09

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