Fitch kicks three more notches off Ireland


Fitch, a ratings agency, on Thursday knocked three notches off Irish long-term sovereign debt, citing the liabilities presented by the country's banking sector and weaker growth prospects.

The agency said the decision was prompted by the additional costs of restructuring and supporting Ireland's banking system, in particular reflecting "ongoing contingent liabilities arising from the guarantee of Irish bank debt and deposits," which were equal to 93.5% of GDP at the end of the third quarter this

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