Ireland Downgraded – Again
Source: Rebel Traders
Early this morning Fitch Ratings cut Ireland’s rating and now has a ‘negative’ outlook as opposed to the stable outlook placed upon the nation by Moody’s back on July 19th.
I expect Moody’s and S&P to follow in the next month or so with their own downgrade of Ireland.
FITCH CUTS IRELAND’S SOVEREIGN RATINGS BY ONE NOTCH TO A+ FROM AA-; OUTLOOK NEGATIVE; NOW MEDIUM GRADE- The downgrade of Ireland reflects the exceptional and greater-than-expected fiscal cost associated with the government’s recapitalisation of the Irish banks, especially Anglo Irish Bank. The Negative Outlook reflects the uncertainty regarding the timing and strength of economic recovery and medium-term fiscal consolidation effort.- Typically a Negative Outlook implies a slightly greater than 50% probability of a further downgrade over a 12-24 month horizon. The triggers for a revision of the Outlook to Stable would be evidence of sustained economic recovery and fiscal consolidation. The ratings could be downgraded further if the economy stagnates and broad-based political support for and implementation of budgetary consolidation weakens.- Ireland is regaining its international competitiveness lost during the ‘boom’ years and the current account of the balance of payments is expected to move to balance during 2011. Moreover, the drag on growth from the collapse of the construction boom has mostly run its course. Nevertheless, the ongoing distress in the housing and commercial real estate markets, household sector de-leveraging and the uncertainty over the global economic outlook, especially important given Ireland’s open and internationally orientated economy, weigh on growth prospects and fiscal outlook. (Source: wire services)
Ireland Downgraded – Again is a post from: Rebel Traders – Stock Market and Economic Analysis
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