The Irish Republic (Ireland) received another round of bad news as Standard & Poor’s Ratings Service (S&P) lowered its sovereign debt rating for the second time this year. S&P cut the rating on Ireland’s government debt by one level to AA from AA+.
Just three months ago, the former ‘Celtic Tiger’ had its top-notch AAA rating lowered, as its public finances weakened as a result of the recession. The country, once revered for its robust growth, became the first eurozone country to fall into a recession last year.
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