Citing concerns that continued government spending to save the banking will prove too great a strain on finances, Standard & Poor’s downgraded the Irish Republic’s credit rating one notch AA-. This is Ireland’s lowest rating since 1995.
In its report, S&P estimated that the Irish government will spend upwards of 90 billion euros (US$101bn) to prop up the nation’s largest banks. This estimate was immediately dismissed by government officials as being “extreme and unrealistic”.
Source: BBC News
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