Moody's cuts Ireland's rating to junk

BRUSSELS: Moody's Investors Service on Tuesday downgraded Ireland's government bond ratings to junk, dealing a further blow to the eurozone as it struggles to contain a worsening debt crisis.

Moody's said it cut Ireland's rating by one notch to Ba1 from Baa3, because it sees a growing risk the debt-ridden country will need a second bailout once its current rescue package expires at the end of 2013. The outlook for Ireland remains "negative," Moody's added.