Anglo Irish Bank's debt rating cut to almost junk status

Ireland at mortal risk if it continues with blank-cheque bailouts: ``Moody’s downgraded Anglo Irish’s senior bonds by three notches to Baa3, the last level before junk. The bank’s subordinated debt was cut to Caa1, which reflects that the bondholders will have have to pay for it to be bailed out... Standard & Poor’s, a rival credit agency, said the cost of saving the Dublin-based lender may rise to as much as 35bn euros. The Irish government has already pledged around 20bn euros to shore up Anglo Irish. ''