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News Link • Economy - International

Moody's cuts Ireland on bank, growth worries

• Reuters

Moody's cut Ireland's credit rating on Monday, warning the country still faces a slow climb out of recession after nearly two years of austerity as the cost of rescuing its banking sector mounts.

The rating agency's one-notch drop to Aa2 came a day ahead of a scheduled sale of up to 1.5 billion euros of Irish debt, putting Moody's on par with rival agency Standard and Poor's AA rating and still one grade above Fitch.

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