Ratings agency S&P upgrades Irish outlook to stable from negative
RATINGS agency Standard & Poor’s has raised its outlook for Ireland to stable from negative.
The change comes just days after the Government, led by Finance Minister Michael Noonan, secured a deal on the Anglo promissory note debt with the European Central Bank.
The move "reflects our expectation that the exchange of promissory notes for longer-term government bonds significantly reduces the Irish government's debt-servicing costs and refinancing risk, and supports medium-term fiscal consolidation,” S&P said in a statement.
"By improving the government's debt-maturity profile, the transaction also increases the prospects of Ireland leaving the EU/IMF bailout programme as planned at the end of 2013,” it added.
It currently rates Ireland BBB- plus.
Moody's rates Ireland Ba1 with a negative outlook, below investment grade, while Fitch rates us BBB-plus with a stable outlook.