Ireland’s Rating May Be Downgraded by Moody’s on Banks

Ireland’s credit rating may be cut by Moody’s Investors Service after the government pledged as much as 50 billion euros ($68.6 billion) to save the country’s banks.

Ireland’s Aa2 rating will “most likely” be cut by one level if a downgrade goes ahead, the company said in a statement today. A downgrade by Moody’s, which will finish its review within three months, will bring Ireland’s rating into line with Standard & Poor’s and Fitch Ratings.