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Ireland rating slashed as its misery grows
Date 07/10/2010 16:30  Author webmaster  Hits 1004  Language Global
07 OCT 2010

City AM

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.

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