sovereign credit ratings

Ratings agency Moody’s has downgraded Ireland’s sovereign debt rating to Aa2 (stable) from Aa1 (negative). Ireland’s National Asset Management Agency (Nama), a special purpose bad-loan vehicle whose debt is fully guaranteed by the Irish government, was also downgraded to Aa2.

The action brings Moody’s rating in line with those of S&P. Fitch remains a notch below both Moody’s and S&P. Drivers for the change were given as follows: