Crisis-stricken Ireland's debt rating has been downgraded by Moody's amid mounting worries about the country's public finances and the cost of the government's bailout of the banking system.
The credit ratings agency said Thursday it has lowered its rating by one notch to AA1 from the top triple A and said another downgrade was possible as it reaffirmed that the country's remains negative. Moody's had put the country on warning of a possible downgrade in April.
"The pronounced weakness in the economic activity has been translating into a severe deterioration of Ireland's public finances, and the country is set to emerge from the current economic crisis …
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