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EU declares war on agencies as Ireland’s rating gets junk status

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Ian Traynor
London Guardian
July 13, 2011

Ireland yesterday became the third eurozone country to have its credit rating downgraded to junk status as Europe slid into a war it may struggle to win with international credit ratings agencies.

It followed a week in which the agencies partly forced a shift in the EU response to the Greek sovereign debt crisis.

A week after slashing Portugal’s status, Moody’s cut Ireland’s credit rating to junk and warned that the country would be likely to require a second bailout.

The Irish government, which wants to return to debt markets in 2013 when its current EU-IMF bailout runs out, said the development was completely at odds with the recent views of other ratings agencies.

“We are doing all that we can to put our house in order and the progress that we are making is there for all to see,” the department of finance said in a statement.

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This article was posted: Wednesday, July 13, 2011 at 2:53 am

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