DUBLIN (Reuters) - Moody’s Investors Service’s one-notch downgrade of Ireland to junk is disappointing and puts the agency at odds with the views of other rating agencies, the Irish Finance Ministry said on Tuesday.
“It is important to point out that Ireland’s rating with all of the other major agencies — Standard & Poor’s, Fitch and DBRS — remains within the investment-grade band,” the ministry said in a statement.
“We are doing all that we can to put our house in order and the progress that we are making is there for all to see,” it added.
The Moody’s rating action does not appear to reflect the agreement by euro zone finance ministers late on Monday to cut the cost of loans from the bloc’s rescue fund and extend their maturity, the statement said.
Moody’s rates Ireland Ba1, the first notch of junk status, with a negative outlook. Standard & Poor’s and Fitch Ratings both rate Ireland BBB+, or three notches above junk.
Reporting by Carmel Crimmins