Ireland and Portugalâs ratings fell a notch last week â at least, according to bond markets. Credit rating agency Moodyâs says the bond market-implied ratings of both countries fell from Baa3 to Ba1. Irelandâs CDS-implied ratings also dropped a notch, from Ba3 to B1, though Portugalâs held steady at Ba3. For reference, the countries are currently rated Aa2 and A1 by Moodyâs, respectively. So, an eventful week all âround for Europeâs peripheral sovereign debt market. Ireland raised â¬1.5bn in debt markets last week â albeit in exchange for much higher yields and on uncertain auction mechanics. Portugal raised â¬750m in bonds, less than it had hoped and at higher yields. The âgoodâ news is that Spain â that other European hotspot â appears to have slipped from the marketâs (wrathful) focus, while also selling debt last week. Read more : http://ftalphaville.ft.com/blog/201...plied-ratings-take-a-tumble/?updatedcontent=1