Britannia Radio

But they could possibly find their neighbour's rating downgraded too 
though we have more options in theory.  Some of these, however,  have 
already been closed off by Brown's reckless gambling and borrowing in 
the 'good times'.

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TELEGRAPH 30.3.09
Ireland downgraded as world markets fall
Ireland's reputation as the "Celtic Tiger" of the 21st century 
economy has been shattered after its sovereign debt was downgraded, 
sparking fresh fears about the possibility that it may default as it 
battles the crisis.

By Edmund Conway


Standard & Poor's has announced that it is removing Ireland's coveted 
AAA rating and replacing it with a AA+ rating, capping a day of 
misery in global markets.

The decision will raise suspicions that the UK may soon find its own 
debt downgraded. The ratings agency said it had taken the decision 
after examining the prospects for the country's public finances. The 
country's finance ministry insisted that it was determined to keep 
its debts under control in the coming years, saying: "The government 
is committed to restoring order to the public finances by bringing 
the deficit below the three percent limit by 2013."

But S&P said in its statement that it remains "concerned" that much 
can be done before the 2012 election.

The news is likely to increase speculation about the UK's own rating. 
The pound was sharply weaker against the dollar on Monday as the 
greenback took back some of its gains in the past week. Sterling 
dropped a cent and a third to $1.4189, but was slightly stronger 
against the euro and other currencies.

The S&P move came with markets already shaken following bank rescues 
in both the UK and Spain, fears about the need for further financial 
rescues in America and the US rejection of a General Motors internal 
overhaul.
The FTSE 100 index of leading shares fell by 3.5pc, down 135.94 
points at 3,762.91. European shares fared similarly, with the 
FTSEurofirst 300 index of top European companies down 3.9pc at 709.10 
points.

However, gold prices, which tumbled last week, regained their poise 
remaining narrowly above the $900 an ounce mark, at $928 in late 
trading.