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Ireland "stable in intensive care"-finmin

Thu Nov 5, 2009 10:54am EST

DUBLIN, Nov 5 (Reuters) - The move by Fitch Ratings on Wednesday to cut Ireland's credit rating by two notches, putting it on "stable" outlook showed it was like a patient in intensive care in stable condition, Finance Minister Brian Lenihan said.

"We are on 'AA-', on stable mind you, so the patient has finally stabilised in intensive care," Lenihan told a parliamentary debate on the 54 billion euro "bad bank" -- a potential burden which Fitch cited among the reasons for the downgrade from "AA+". [ID:nL4446178]

Lenihan had already released a statement on the Fitch move, saying it showed the urgent need to cut spending in the Dec. 9 budget. [ID:nDUB003094]

(Reporting by Andras Gergely)



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