Moody’s cuts Irish bank ratings to junk status

Moody’s cut the ratings of Irish banks to junk status on the 11 February 2011 following Dublin’s decision to defer previously agreed capital increases until after the 25 February 2011 general election.

This follows similar action by Standard & Poor’s in the previous week.

ESO: Background information: Downgrade overshadows Irish election campaign http://www.europeansources.info/record/downgrade-overshadows-irish-election-campaign/

Irish Times, 11.2.11: Moody's downgrades bank debt http://www.irishtimes.com/newspaper/breaking/2011/0211/breaking6.html

---