Ireland Lowered One Level to A- by S&P on Bank Costs

Ireland had its credit rating cut one level by Standard & Poor’s and a further downgrade is possible as the government tries to contain bank-rescue costs.

The rating was lowered to A- from A, S&P said in a statement from London today. That’s four levels above non-investment grade and the same level as countries including Botswana and Portugal. Ireland remains on “creditwatch with negative implications,” S&P said.