Standard & Poor’s yesterday downgraded Ireland’s triple A status and warned it could be lowered further if its public finances continued to weaken.

The credit rating agency cut the country’s sovereign debt rating to double A+. 'The downgrade reflects our view that the deterioration of Ireland’s public finances will likely require a number of years of sustained effort to repair, on a scale greater than factored into the government’s current plans,' said David Beers, credit analyst at S&P.

Financial Times