Irish credit rating downgraded while CDS spreads fall across eurozone

Risk perceptions on Irish sovereign debt improved today, despite a fall in the nation's credit rating. Standard & Poor's announced it was downgrading Ireland's long-term rating from A to A–, and lowering its short-term rating from A-1 to A-2. However, spreads on Irish credit default swaps (CDS) narrowed from 571 basis points to 552bp between close of play yesterday and 1.00pm today, according to financial information provider Markit.

This decline was echoed in peripheral and core eurozone

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