A seguir a Portugal foi a vez de a Irlanda sofrer uma descida do rating da Moodys de Baa3 para Ba1. Esta descida ocorre não obstante a Moodys reconhecer que a Irlanda tem revelado "a strong commitment to fiscal consolidation and has, to date, delivered on its programme objectives" e, apesar de considerar que continuam a existir riscos de implementação do programa associados à evolução da economia, decorre
sobretudo da "growing likelihood that participation of existing investors may be required as a pre-condition for any future rounds of official financing, should Ireland be unable to borrow at sustainable rates in the capital markets after the end of the current EU/IMF support programme at year-end 2013. Private sector creditor participation could be in the form of a debt re-profiling -- i.e., the rolling-over or swapping of a portion of debt for longer-maturity bonds with coupons below current market rates -- in proportion to the size of the creditors' holdings of debt that are coming due".
A Moody's justifica esta sua hipótese com "EU policymakers' increasingly clear preference -- as expressed during the negotiations over the refinancing of Greek debt -- for requiring some level of private sector participation given that private investors continue to hold the majority of outstanding debt. A call for private sector participation in the current round of financing for Greece signals that such pressure is likely to be felt during all future rounds of official financing for other distressed sovereigns, including Ba2-rated Portugal (as Moody's recently stated) as well as Ireland".