Ireland joins Europe’s junk-rated nations

Ireland became the third eurozone country to be downgraded to junk status on the 13 July 2011.

Moody’s, the US rating agency, downgraded the country by one notch to Ba1, citing the likelihood that Ireland will need more bail-out money after its current rescue programme ends in 2013. It also pointed to 'the increasing possibility' that bondholders would be asked to suffer losses as part of any new bail-outs.

Ireland: Department of Foreign Affairs: Press Release, 14.7.11: MoS Creighton comments on Moody's downgrade http://www.dfa.ie/home/index.aspx?id=86953

European Commission: Memo/11/511: Statement by the EC, ECB, and IMF on the Review Mission to Ireland http://europa.eu/rapid/pressReleasesAction.do?reference=MEMO/11/511&format=HTML&aged=0&language=EN&guiLanguage=en

Spiegel Online International, 13.7.11: Irish Debt Downgraded as Euro Worries Spread http://www.spiegel.de/international/europe/0,1518,774099,00.html

Deutsche Welle, 13.7.11: Ireland's credit rating slashed to junk status http://www.dw-world.de/dw/article/0,,15229533,00.html

ESO: Background information: Europe lashes out over downgrades / Brussels faces rating agency dilemma http://www.europeansources.info/record/europe-lashes-out-over-downgrades-brussels-faces-rating-agency-dilemma/

BBC News, 12.7.11: Moody's cuts Irish debt rating to junk status http://www.bbc.co.uk/news/business-14131959

Irish Times, 13.7.11: Irish debt cut to 'junk' status as euro zone crisis deepens http://www.irishtimes.com/newspaper/breaking/2011/0713/breaking4.html

EUObserver, 13.7.11: Ireland downgraded to 'junk' in spiralling euro-crisis http://euobserver.com/9/32620

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