Fitch Ratings downgraded Ireland's credit rating to A+ from AA- and put it on a negative outlook, pointing to the bigger-than-expected cost of cleaning up the country's banks and uncertainty over economic recovery.
"The downgrade of Ireland reflects the exceptional and greater-than-expected fiscal cost associated with the government's recapitalization of the Irish banks, especially Anglo Irish Bank," Fitch said in a statement on Wednesday.
"The negative outlook reflects the uncertainty regarding the timing and strength of economic recovery and medium-term fiscal consolidation effort."
