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Ireland Long-Term Sovereign Rating Lowered by Standard & Poor’s

Ireland had its long-term sovereign rating cut to ‘A’ from ‘AA-’ and its short-term rating to ‘A-1’ from ‘A-1+’ by Standard & Poor’s Ratings Services, which cited concerns about additional borrowing by the government as it seeks external aid from the IMF and the European Union.

“The lower ratings reflect our view that the Irish government looks set to borrow over and above our previous projections to fund further bank capital injections into Ireland’s troubled banking system,” S&P said in a statement.