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Ireland says Fitch cut shows need to slash deficit

Wed Nov 4, 2009 9:48am EST

DUBLIN, Nov 4 (Reuters) - Fitch's downgrading of Ireland credit rating shows the urgency of taking measures to stabilise the budget deficit, Finance Minister Brian Lenihan said on Wednesday.

Financials

"The rating downgrade underlines the importance of taking appropriate action," Lenihan said in a statement after Fitch cut Ireland's rating by two notches to "AA-".

"While this is a somewhat disappointing development it is worth noting that Fitch has given us a stable outlook," Lenihan said. This provides us and the markets with some certainty."

(Reporting by Andras Gergely)

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