October 6, 2010 / 11:28 AM / 9 years ago

Fitch downgrades Ireland on bank clean up, economy

A beggar sits on O'Connell Bridge in the centre of Dublin, Ireland October 2, 2010. REUTERS/Cathal McNaughton

DUBLIN (Reuters) - Fitch Ratings downgraded Ireland’s credit rating to A+ from AA- and put it on a negative outlook, pointing to the bigger-than-expected cost of cleaning up the country’s banks and uncertainty over economic recovery.

“The downgrade of Ireland reflects the exceptional and greater-than-expected fiscal cost associated with the government’s recapitalization of the Irish banks, especially Anglo Irish Bank,” Fitch said in a statement on Wednesday.

“The negative outlook reflects the uncertainty regarding the timing and strength of economic recovery and medium-term fiscal consolidation effort.”

Reporting by Paul Hoskins and Padraic Halpin

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