Moody's downgrades Ireland debt to junk stats on concerns further support may be

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Moody's downgrades Ireland debt to junk stats on concerns further support may be

needed

By The Associated Press | The Canadian Press – 50 minutes ago

NEW YORK, N.Y. - Moody's Investors Service has cut Ireland's government debt

ratings to junk status, saying it believes Ireland will need further rounds of

financing when the current European Union and the International Monetary Fund

support ends in 2013.

The ratings agency cut Ireland's bond ratings to " Ba1 " from " Baa3, " and said

Tuesday the outlook on the ratings remains negative.

Moody's credits Ireland with a strong commitment to fiscal consolidation, but

notes that implementation risks remain significant with its weak economy.

The analysts say the EU may require private sector creditor participation as a

precondition for such additional support, a negative for holders of distressed

government debt.

Ireland's short-term issuer rating also was lowered by one notch to " Non-prime "

from " Prime-3. "