Moody's cuts Ireland's credit rating
Updated: 2011-04-15 16:13
DUBLIN - Moody's has cut Ireland's credit rating to Baa3, one level above junk, and says the nation could struggle to cut its deficit because of weak economic growth.
Moody's said Friday it was lowering its rating on Ireland two notches from Baa1 because the Irish economy appears unlikely to grow much, if at all, in 2011 while private credit needed to stimulate growth remains weak.
The agency said lower growth would make it harder for the government to slash its deficit without imposing even tougher spending cuts than already envisaged.
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