Charting Stocks

Standard & Poor’s downgraded the credit rating of Ireland for the second time this year.  S&P cited the vast amount of money the government must continue to throw at the nations banking system.

The rating was cut down to AA, from AA+,  moving it to the same  level the United Arab Emirates as Japan, and Slovenia .S&P also placed a “Negative” outlook on the countries debt which is an indication of more cuts to come. Ireland maintained a AAA rating until March 2009.

Ireland’s economy is shrinking at the fastest pace among euro-area nations. Tax revenues have been falling as the country falls deeper into recession while more money is planned to bail out the banking sector. S&P said the cost of rescuing the banks may rise to as much as $34.6 billion (on a $250 billion economy).

Related posts:

1. List of 22 Banks Downgraded Today by S&P; Some to Junk
2. Too Big to SAVE?
3. Loan Delinquencies Growing at Record Pace
4. US Triple-A Credit Rating at Risk – Moodys
5. California on the Brink: Fiscal Emergency Declared, Deficit Sky Rockets, S&P Downgrade