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Republic of Ireland rating lowered to AA+

Global ratings agency Standard & Poor’s has cut the Irish Republic’s sovereign credit rating from AAA, the highest, to AA+.

S&P downgraded the rating on its government debt and also put a “negative” outlooks on the Irish Republic.

In a statement credit analysts said: “The downgrade reflects our view that the deterioration of Ireland’s public finances will likely require a number of years of sustained effort to repair, on a scale greater than factored into the government’s current plans.”

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