Moody's affirms Ireland's Ba1/NP ratings and negative outlook

March 28 Wed Mar 27, 2013 10:58pm EDT

March 28 (Reuters) - Moody's Investors Service on Thursday affirmed the Republic of Ireland's Ba1/Not Prime government bond ratings and kept them on a negative outlook, citing vulnerability in the euro area following the recent bailout of Cyprus.

"The move has significantly heightened fears surrounding the safety of bank deposits in other European systems," the ratings agency said.

Moody's also said the negative outlook reflected the continued poor asset quality of the Irish banking system.

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