Ireland's credit rating downgraded by S&P on bank fears

Telegraph
"S&P cited the danger to the country's budget deficit posed by the rising cost of supporting its struggling banks.The credit ratings agency estimated the cost of recapitalizing Ireland's banking system could now reach €50bn from a previous estimate of a maximum of €35bn.t said “a further downgrade is possible if the fiscal cost of supporting the banking sector rises further, or if other adverse economic developments weaken the government’s ability to meet its medium-term fiscal objectives."