Irish CDSs widen on Fitch downgrade
The cost of insuring against an Irish government default rose today as Fitch lowered its Ireland rating to BBB+
Five-year credit default swaps (CDS) on Ireland rose from 536 basis points at end of trading yesterday to 547bp as of 1.00pm today, according to market data provider Markit, as Fitch Ratings lowered its assessment of Ireland's creditworthiness to BBB+ from A+.
This is the second time in two months the agency has downgraded Ireland, and follows Standard & Poor's November 23 announcement that it had lowered its long-term sovereign credit rating on Ireland to A from AA–. Moody's put its Aa2 rating
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