The ratings agency cut Ireland's bond ratings to "Ba1" from "Baa3," and said Tuesday the outlook on the ratings remains negative.
Moody's credits Ireland with a strong commitment to fiscal consolidation, but notes that implementation risks remain significant with its weak economy. The analysts say the EU may require private sector creditor participation as a precondition for such additional support, a negative for holders of distressed government debt. Ireland's short-term issuer rating also was lowered by one notch to "Non-prime" from "Prime-3."Moody's downgrades Ireland debt to junk status
NEW YORK
