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Moody's Downgrades Ireland's Debt Rating

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Moody's Downgrades Ireland's Debt Rating

Business

Moody's Downgrades Ireland's Debt Rating

Moody's Downgrades Ireland's Debt Rating

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Moody's on Monday downgraded Ireland's debt rating one notch. The agency said the country's mounting debt and weakened banks would contribute to lower economic growth in the years ahead. It's not good news for Ireland. The lower rating means the government will have to pay more interest when borrowing money from investors.

RENEE MONTAGNE, host:

NPR's business news begins in Ireland.

(Soundbite of music)

MONTAGNE: Moody's has downgraded the Emerald Isle's debt rating one notch this morning. The agency said that Ireland's mounting debt and weakened banks would contribute to lower economic growth in the years ahead. It's not good news for Ireland. The lower rating means the government will have to pay more interest when borrowing money from investors.

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