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Leadership
Moody’s downgrades Irish rating
02.07.2009
Ireland was today stripped of its top credit rating by Moody’s, as the country’s government bond ratings were downgraded a notch from AAA to Aa1.
According to Moody’s, this moderate downgrade was appropriate given what it described as the “decisiveness” of the Irish Government’s response to the economic crisis, and in light of the Government’s strong balance sheet before the crisis began.
The downgrade was accompanied by a negative outlook on the ratings, which means a further downgrade is possible in the future.
Moody’s is the third major credit-rating agency to cut Ireland’s top credit rating.
Last month, Standard & Poor cut Ireland’s long-term credit rating from AA+ to AA with a ‘negative’ outlook. In April, Fitch downgraded Ireland’s sovereign rating from AAA to AA+.
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Marketing Age is the definitive ‘voice’ of the marketing industry in Ireland. Aimed at decision makers, marketing directors and industry professionals, it deals in-depth with marketing strategy, innovation and the world of new media.
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