Hostage to questionable credit rating 'expertise'
Standard & Poor's, which has kicked us down a rung on the ratings ladder, is frighteningly powerful, writes Celia Larkin
Published 29/08/2010 | 05:00
'Reputation is an idle and most false imposition; oft got without merit and lost without deserving," says Iago to Cassio in Shakespeare's Othello.
I sat listening to last week's expostulation about Ireland's credit rating being reduced to AA- on the radio and wondered what it was all about.
Who or what is Standard and Poor's (S&P), and what gives it the right to downgrade our credit rating as a nation?