Ireland downgrade was 'inevitable' - Schroders

Standard & Poor's downgrade of Ireland's credit rating was "inevitable", and other ratings agencies are likely to follow suit, says Schroders.

Roger Doig, a credit analyst at the group, expects other agencies will begin to look at their grades after GDP expectations in Ireland were revised. There is also potential for Irish banks to need even more help in the future, he adds, causing agencies to further review their ratings. "The existing programme for the bailout of the banks addressed the commercial property developers, which is the worst part of the Irish bank books. Nothing has been added to the residential issues on the mortgage book, these sit on the banks' own balance sheet and are dealt with by the banks' own accord,...