Rating agency says Irish economy is "prosperous"
Published 05/08/2011 | 10:59
Credit rating agency Standard & Poor's has given the Irish economy a boost by not lowering it to junk status.
It said the economy is “prosperous and open” unlike its peer Moody’s which recently downgraded our status.
S&P left its rating at BBB+ which means it is unlikely to change anytime soon.
However, it also warned that prospects for growth are challenging because of our high levels of bank and public debt.
The agency said the Government had shown ability to stabilise the public finances following on from the banking crisis.