Moody's has downgraded Ireland's credit rating, citing a gradual but significant loss in the government's financial strength.
The international rating agency dropped Ireland sovereing debt rating one notch, from Double A1 to Double A2.
Moody's says Ireland's banking and property sectors, which drove the economy before the global economic downturn, would not contribute strongly to overall growth in coming years.
It also pointed to swelling levels of debt as a reason for the downgrade.
In June, Ireland officially moved out of recession in the March quarter.