Moody’s downgrades Ireland on bank and growth worries

Reuters – Moody’s cut Ireland’s credit rating on Monday, warning the country faces a slow climb out of recession as the cost of a rescue of its banking sector mounts. The one-notch downgrade to Aa2, which came a day ahead of a scheduled sale of up to 1.5 billion euros of Irish debt, put Moody’s on par with rival agency Standard and Poor’s AA rating and still one notch above Fitch. Moody’s also changed its outlook to stable from negative. Read Article

Tags: 2nd Great Depression, banks, debt & wealth, Europe, financial system