Moody's Downgrades Ireland to Just a Notch Above Junk

WSJ:

LONDON—Moody's Investors Service Inc. downgraded Ireland's government debt by two notches Friday, taking the country to the brink of junk status, and kept its outlook negative.

The agency, cutting Ireland's bond ratings to Baa3, one notch above junk, from Baa1, said it was responding to a likely deterioration in Ireland's fiscal position due to weak prospects for economic growth and higher borrowing costs as a result of rate rised by the European Central Bank.