Moody’s Cuts Ireland’s Credit Rating

As Europe’s leaders praised Ireland’s recent budgetary auterity measures, Moody’s Investors Service took a more negative outlook – downgrading Ireland’s credit rating.

Moody’s reduced the loans credit rating from Aa2 to Baa1, a significant decrease.

The downgrade will be a set-back to Irish fortunes.

Some critics however state that the descrease is perhaps a delayed reaction, and shows how they are slightly out of step with investors opinions.

In other news the ECB was reported by Bloomberg today to have purchased Irish and Portuguese government bonds. Their value is reported to have fallen following Moody’s announcement.