After reducing Ireland’s credit rating one notch to A- earlier today, Standard & Poors warned that a further reduction is possible but is waiting to evaluate the impact of recent capital investments into the banking sector. S&P said it estimates that the indebtedness of Ireland’s domestic banking groups at over 170 per cent of the country’s gross domestic product. As a result, S&P said Ireland’s banks are currently dependent “almost entirely” on the European Central Bank to refinance their current market debts.
Source: The Canadian Press
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.