Earlier today, Fitch downgraded Ireland three notches to a triple-B plus rating, citing "weaker prospects and greater uncertainty regarding the economy as a result of the intensification of the financial crisis," noting that Ireland's sovereign credit profile is no longer consistent with a high investment grade rating." According to the Emerald Isle, this is bull shit.

A source close to the government contradicted Fitch. "Contrary to the Fitch analysis," the person said, "the exchequer deficit has not deteriorated further in the past year but has stabilized."

Fitch Downgrades Ireland [WSJ]