Menu
06/03/2009
Ireland's Credit Rating To Take Hit
Ireland may lose its highest bracket credit rating because of the slump in Exchequer finances.
International credit ratings agency Fitch said today the country’s debt rating had been placed on "negative watch", meaning the credit rating could be in for a downgrade.
Fitch Rating' long-term credit ratings are set up along a scale from 'AAA' to 'D', and a fall to 'AA', or even 'BBB' could mean the Government will have to pay a higher rate of interest on its borrowings.
In a statement released by Fitch Ratings on Friday, the credit agency said they had "placed the Republic of Ireland's 'AAA' on Rating Watch Negative".
“The rating action reflects recent disappointing news on Government revenue performance which points to very sharp declines in tax receipts across the board in January and February,” Fitch said.
The statement said that the latest information suggests, in the absence of any further Government action, the 2009 deficit could be increased by another €4bn, equivalent to over 2% of GDP.
A spokesman for the agency said: "Fitch will re-assess the medium term prospects for Ireland's public finances in light of the deterioration in revenue prospects, forthcoming policy announcements and worsening economic conditions."
A Rating Watch Negative is typically resolved within three to six months.
(DW/BMcC)
International credit ratings agency Fitch said today the country’s debt rating had been placed on "negative watch", meaning the credit rating could be in for a downgrade.
Fitch Rating' long-term credit ratings are set up along a scale from 'AAA' to 'D', and a fall to 'AA', or even 'BBB' could mean the Government will have to pay a higher rate of interest on its borrowings.
In a statement released by Fitch Ratings on Friday, the credit agency said they had "placed the Republic of Ireland's 'AAA' on Rating Watch Negative".
“The rating action reflects recent disappointing news on Government revenue performance which points to very sharp declines in tax receipts across the board in January and February,” Fitch said.
The statement said that the latest information suggests, in the absence of any further Government action, the 2009 deficit could be increased by another €4bn, equivalent to over 2% of GDP.
A spokesman for the agency said: "Fitch will re-assess the medium term prospects for Ireland's public finances in light of the deterioration in revenue prospects, forthcoming policy announcements and worsening economic conditions."
A Rating Watch Negative is typically resolved within three to six months.
(DW/BMcC)
Related Irish News Stories
Click here for the latest headlines.
28 February 2024
Gaming Business Ideas To Start In Ireland
Are you passionate about gaming and considering turning your hobby into a profitable business in Ireland? You're in luck! The gaming industry is booming, and many opportunities are waiting for you. Here are ten gaming business ideas that could be your ticket to success in this exciting field. 1.
Gaming Business Ideas To Start In Ireland
Are you passionate about gaming and considering turning your hobby into a profitable business in Ireland? You're in luck! The gaming industry is booming, and many opportunities are waiting for you. Here are ten gaming business ideas that could be your ticket to success in this exciting field. 1.
24 November 2010
Irish Credit Downgraded By Agency
Ireland's difficulties seem to worsen by the hour as Standard & Poor's announce they are downgrading the State's international credit rating and placing its banks on "CreditWatch". The news comes just after another international ratings agency, Moody's, announced it would be slashing Ireland's credit rating, following the news of the Irish bailout.
Irish Credit Downgraded By Agency
Ireland's difficulties seem to worsen by the hour as Standard & Poor's announce they are downgrading the State's international credit rating and placing its banks on "CreditWatch". The news comes just after another international ratings agency, Moody's, announced it would be slashing Ireland's credit rating, following the news of the Irish bailout.
26 March 2024
New Manifesto To Transform NI's Credit Union Network
The Irish League of Credit Unions (ILCU) has launched a new policy manifesto to support the Northern Ireland Assembly in bringing about essential changes and recognising the essential role of credit unions within communities and the wider economy.
New Manifesto To Transform NI's Credit Union Network
The Irish League of Credit Unions (ILCU) has launched a new policy manifesto to support the Northern Ireland Assembly in bringing about essential changes and recognising the essential role of credit unions within communities and the wider economy.
12 March 2024
How Much Gambling Takes Place in Ireland?
When we think of Ireland, we may think of many things ranging from lush green landscapes to Guinness and Irish dancing, but it may be surprising to learn that the country has a passion for gambling.
How Much Gambling Takes Place in Ireland?
When we think of Ireland, we may think of many things ranging from lush green landscapes to Guinness and Irish dancing, but it may be surprising to learn that the country has a passion for gambling.
02 July 2009
Economy 'Downgraded' By Moodys
The economic woes of Ireland continue as a major credit rating company downgraded Ireland to Aa1 from AAA. The company is the last of the three main agencies to strip Ireland of its top credit rating, after Standard & Poor's cut its rating last month to AA and Fitch downgraded Ireland by one notch to AA+.
Economy 'Downgraded' By Moodys
The economic woes of Ireland continue as a major credit rating company downgraded Ireland to Aa1 from AAA. The company is the last of the three main agencies to strip Ireland of its top credit rating, after Standard & Poor's cut its rating last month to AA and Fitch downgraded Ireland by one notch to AA+.
-
Ireland WeatherThis Evening and Tonight:This evening will be cloudy with outbreaks of rain, these clearing away towards midnight. Then the rest of the night will be dry with clear periods. Minimum temperature 12 °C.
