SAN FRANCISCO (MarketWatch) -- Standard & Poor's said late Tuesday it downgraded Ireland's long-term sovereign credit rating to AA- from AA because of the high cost to prop up that country's financial sector. The outlook is negative. "The downgrade reflects our opinion that the rising budgetary cost of supporting the Irish financial sector will further weaken the government's fiscal flexibility over the medium term," said Trevor Cullinan, an S&P credit analyst, in a statement. http://www.marketwatch.com/story/sp-downgrades-ireland-on-financial-sector-cost-2010-08-24 What clever people work at S&P! Must take them years to downgrade US sovereign credit rating. ItÂ´s always easier to downgrade "peripheral" countries. About time for a regime change. Abolish all rating agencies !