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Moody's downgrades Greece again but says Irish ratings cut is not imminent

The ratings agency is closely monitoring Ireland’s attempt to negotiate better terms on the EU/IMF deal – but has said it did not have imminent plans to downgrade Ireland.

The movements of the new coalition government are being closely watched by ratings agencies.
The movements of the new coalition government are being closely watched by ratings agencies.
Image: Niall Carson/PA Wire/Press Association Images

THE CREDIT RATINGS agency Moody’s has indicated that another ratings cut for Ireland is not imminent.

Moody’s is said to be closely monitoring the country’s attempts to negotiate more favourable terms in its loan deal with the EU/IMF.

Today Greece saw its debt grade being revised downwards, even further below junk status, after Moody’s said that the bailed-out euro country might have to default on its massive borrowings. The Greek government has lashed out at the news, describing it as “completely unjustified”.

Greece said the agencies — rivals Standard & Poor’s and Fitch Ratings have also downgraded struggling countries like Greece heavily in past months — were trying to make up for failing to predict the financial crisis.

The decision to downgrade Greece is likely to put more pressure on Brussels to ease its repayment terms, Reuters reports.

Earlier today the European economics commissioner Olli Rehn said that weaker eurozone countries should not be overburdened, and encouraged more manageable repayment terms for loan deals to be considered.

- Additional reporting by AP

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