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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Photos Full Coverage Sitemap Fitch cuts Ireland's debt ratings AFP - Thursday, October 7 Send IM Story Print LONDON (AFP) - – Fitch credit agency said on Wednesday it had cut its ratings on Ireland's debts, citing the unexpectedly high cost of banking bailouts and an uncertain economic outlook. The agency said in a statement it had cut Ireland's long-term foreign and local currency issuer default ratings to 'A+' from 'AA-', adding that the outlook was negative. Fitch also cut the short-term foreign currency issuer default rating to 'F1' from 'F1+'. The downgrades sent the European single currency briefly sliding below 1.38 dollars in early afternoon London deals, as the news sparked renewed investor concerns about the eurozone debt and deficit crisis. The move ramps up Ireland's already high borrowing costs, scarcely a week after the eurozone member nation announced fresh measures to stabilise the banks and stem the damage from its banking crisis. "The downgrade of Ireland reflects the exceptional and greater-than-expected fiscal cost associated with the government's recapitalisation of the Irish banks, especially Anglo Irish Bank," said Chris Pryce, director in Fitch's sovereign group. "The negative outlook reflects the uncertainty regarding the timing and strength of economic recovery and medium-term fiscal consolidation effort." Ireland last week injected billions more euros into its crisis-hit banking sector and revealed that the bailouts would push the public deficit to a staggering 32 percent of economic output this year. The Irish government has vowed to slash the deficit and will deliver a four-year budget strategy next month to cut it to less than 3.0 percent of gross domestic product by 2014. In December, Ireland is expected to unveil an estimated 4.0 billion euros of cost savings, via brutal spending cuts and taxation hikes, in a deficit-slashing annual budget. Fitch warned on Wednesday that it could downgrade Ireland further if the economy falters or the government encounters difficulties in its attempts to fix the battered public finances. "The ratings could be downgraded further if the economy stagnates and broad-based political support for and implementation of budgetary consolidation weakens." The negative outlook means there is a probability of more than 50 percent that there will be another downgrade at some stage in the next 12-24 months. "The triggers for a revision of the outlook to stable would be evidence of sustained economic recovery and fiscal consolidation," it added. Meanwhile on Wednesday, rival ratings agency Moody's announced a round of ratings actions on several Irish financial institutions. Moody's had already warned on Tuesday that it might downgrade Ireland's debt ratings. Recommend Send IM Story Print News Search Top Stories Erotic calendar wishes 'Happy Birthday, Mr Putin' IMF warns global recovery might not be sustained Fitch cuts Ireland's debt ratings Carbon atom pioneers share Nobel chemistry prize German industrial orders surge in August More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Dracula fish, bald bird among strange new species Global marine life census charts vast world beneath the seas Hungary scrambles to contain toxic mud spill Wall Street at five-month high Kenzo's birthday show whisks Paris back in time More Most Viewed » US state executes first woman in nearly 100 years Workers swarm Europe's streets in anti-cuts protests Global marine life census charts vast world beneath the seas More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Yahoo! News Network Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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