Irish PM: Downgrade a 'Bit Excessive': Report

Irish Prime Minister Brian Cowen said Moody's downgrade of Ireland's credit rating by five notches was "disappointing" and a "bit excessive", state broadcaster RTE quoted him as saying on Friday.

"He said he was particularly disappointed about the agency's decision to adopt a negative rather than stable outlook," RTE said.

Moody's cut Ireland's rating to Baa1 with a negative outlook from Aa2 and warned further downgrades could follow if Dublin was unable to stabilise its debt situation.