Ireland's Credit Rating Downgraded 3 Notches by Fitch

Fitch Ratings has downgraded Ireland three notches from A to BBB , citing the costs of restructuring the Irish banking system, the country's weak growth prospects, and uncertainty about its economy due to the deepening financial crisis, despite the international economic assistance it received last month.

Fitch Downgrades Ireland

A day after Moody's Investors Service announced it was putting Ireland under review for a possible downgrade, Fitch Ratings lowered the country's credit grade to A from AA-. Fitch's downgrade was prompted by the government's announcement last week it is pledging more money -- as much as %u20AC50 billion -- to save Ireland's banks, in addition to uncertainty over the country's economic recovery.

Biz Brief: Fitch Downgrades BP Credit Rating

BP's credit rating was downgraded to BBB from AA -- a staggering six notches -- by Fitch Ratings on concerns of growing estimates of the size of the oil spill and U.S. demands for an escrow account.

Biz Brief: Fitch Ratings Warns the U.K.

In the debt and credit mess that now extends clear across Europe, Fitch Ratings has put the U.K. on notice to get its finances into much better shape -- pronto.

More Jumbo Mortgages in Trouble as Inventory Builds

With rate resets kicking in on a raft of exotic adjustable-rate loans, delinquencies on jumbo mortgages nearly tripled to 9.2% in December 2009 compared to the 3.2% rate December 2008. Meanwhile, the number of expensive homes on the market continued to rise.