Moody’s cuts Irish debt rating to junk status

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Ratings agency Moody’s has cut the Republic of Ireland’s debt rating to junk status.

Moody’s said its decision was based on the “growing possibility” that Ireland would need a second bail-out before it can return to capital markets.

The current European Union and International Monetary Fund support programme is due to end in late 2013.

It comes at a time when markets fear the debt crisis in the eurozone could spread to Italy and Spain.

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