07 OCT 2010
Ireland’s economic turmoil continued yesterday as Fitch cut its credit rating.
The news came a day after Moody’s said it was considering downgrading Ireland, driving up the nation’s borrowing costs.
The decision heaps further pressure on a government saddled with a debt pile set to hit a staggering €155bn (£136bn) this year – equivalent to £100,000 for each of the country’s 1.5m households.
As well as cutting Ireland to A+ from AA-, Fitch put its rating on a negative outlook, also pointing to uncertainty over the country’s wavering economic recovery.
Read entire article