The Irish government acknowledged that the rescue of the banking sector might cost as much as €50 billion, triggering downgrades to the country's credit rating as well as for banks. Fitch Ratings reduced the government's credit rating and indicated that it could be cut again. Moody's Investors Service previously said it is considering another cut to Ireland's debt rating. Meanwhile, Moody's dropped the credit rating of Anglo Irish Bank's Lower Tier 2 debt to signal an expected default. Moody's also dropped ratings on subordinated debt from Bank of Ireland and Allied Irish Banks.
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