Fitch slashes Ireland to BBB+ on bank restructure

DUBLIN, Dec 9 (BestGrowthStock) – 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.

(Reporting by Padraic Halpin; editing by Carmel Crimmins,
John Stonestreet)

Fitch slashes Ireland to BBB+ on bank restructure