Noonan: Moody's decision has no 'particularly adverse' implications for Ireland
Minster for Finance Michael Noonan said today the decision by ratings agency Moody's to downgrade six Eurozone countries does not have "particularly adverse" implications for Ireland.
Italy, Spain and Portugal were among those downgraded. Ireland's rating was left unchanged.
Minister Noonan said that the downgrades are a reaction to what is happening in Europe.
"It doesn't mean anything particularly adverse for Ireland," he said.
"It's a reflection of the fact that the European crisis continues, albeit at a slightly lower pace since the vote in the Greek parliament.
"I'm going on to Brussels now on Wednesday, so I hope that things will move towards a conclusion there and that things will begin to settle down in Europe."
The decision comes as Chinese and EU leaders hold a major summit today, which is set to be dominated by the Eurozone crisis.
It is hoped China may be able to aid Europe by investing in a bailout fund for debt-stricken states.
