Ireland's rating downgraded for the second time

Ireland's sovereign credit rating with Standard & Poor's has dropped another notch on concerns connected to the rescue of the Irish banking system.

Standard & Poor's, a credit ratings agency, lowered Ireland's long-term sovereign rating from AA+ to AA on Tuesday and said that the outlook was negative. It stripped the country of its cherished AAA rating in March. The agency said it now expected the fiscal costs of supporting the Irish banking system to be "significantly higher" than expected in