Moody's Investors Service lowered the credit rating of Ireland's debt one step, from Aa1 to Aa2, but revised its outlook from "negative" to "stable." "Today's downgrade is primarily driven by the Irish government's gradual but significant loss of financial strength, as reflected by its deteriorating debt affordability," said Dietmar Hornung, the credit rating agency's lead analyst for Ireland. The downgrade did not prevent Ireland from selling €1.5 billion in bonds Tuesday.

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