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Ireland debt rating cut to junk

Jul 12 2011 22:13 AFP

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New York - Ratings agency Moody's on Tuesday cut Ireland's bonds to junk status and warned of further downgrades as the eurozone economy struggles to pull out of a financial crisis.

Moody's Investors Service said it reduced Ireland's government debt ratings by one notch, to Ba1 from Baa3, saying there was a "growing possibility" that the country will need more bailout aid in late 2013 when the current European Union-International Monetary Fund support programme ends.

ireland  |  european union

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