The Telegraph reports that Moody's have downgraded Ireland's debt rating by two notches to Baa3, adding a "negative" outlook.
The cause of the negative outlook?
The ECB's increase in rates!
As has been noted before on this site, the ECB is living on another planet when it comes to the current financial turmoil in Europe. Increases in rates (to appease the gods of monetarism) will cause more problems for the Euro; as those countries in financial ruin (eg Ireland, Greece, Spain and Portugal) cannot afford to pay the current rates on their debts, let alone higher ones.
Until the ECB is taken in hand, by those who live in the real world, this situation will worsen.
The other solution is for Ireland et al to leave the Euro.
Maybe this is what the ECB is hoping for?