August 25, 2010 / 5:40 AM / 10 years ago

Irish debt agency says disagrees with S&P downgrade

DUBLIN (Reuters) - Ireland’s debt management agency disagrees with the basis for rating agency Standard & Poor’s downgrade of the country’s credit rating, the agency said in a statement.

“In terms of the specific analysis by S&P, this is largely predicated upon an extreme estimate of bank recapitalisation costs of up to 50 billion euros,” the National Treasury Management Agency said in a statement issued late on Tuesday.

“We believe this approach is flawed.”

S&P cut Ireland’s long-term rating one notch on Tuesday to AA-minus, the fourth highest investment grade, and assigned the country a negative outlook, saying Ireland faces substantially higher costs to support its ailing financial institutions.

Reporting by Carmel Crimmins; Editing by Kim Coghill

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