In another move to complicate the crisis in the Euro Area, Moody's Investors Service once again reminded the market with the persistent agony and debt crisis in the euro area economy.
The cut Ireland's credit rating by two levels to Baa3 from Baa1with a negative outlook. Moody's said The country's weak economic growth prospects are driven by the fiscal consolidation process, the ongoing contraction in private-sector credit, and a more adverse interest rate environment.
Moody's move follows that of Standard & Poor on April 01, where it cut Ireland's credit rating by one level to BBB+ with a stable outlook and that signals that the agency might move again to lower its grade following Moody's which is set lower.

In another move to complicate the crisis in the Euro Area, Moody's Investors Service once again reminded the market with the persistent agony and debt crisis in the euro area economy.

The cut Ireland's credit rating by two levels to Baa3 from Baa1with a negative outlook. Moody's said The country's weak economic growth prospects are driven by the fiscal consolidation process, the ongoing contraction in private-sector credit, and a more adverse interest rate environment.

Moody's move follows that of Standard & Poor on April 01, where it cut Ireland's credit rating by one level to BBB+ with a stable outlook and that signals that the agency might move again to lower its grade following Moody's which is set lower.