Fitch agency may raise Ireland's ratings
Rating agency Fitch said some improvement in eurozone periphery sovereign ratings is possible in a benign scenario of economic recovery and declining debt ratios.
Nevertheless, the agency is generally cautious about the medium-term outlook for the eurozone as many countries face a long period of convalescence and the risk of relapse.
Fitch has already taken several positive rating actions on sovereigns in the eurozone periphery as the intensity of the crisis has eased and countries have started to repair damage to their creditworthiness.
These include upgrades for Greece last May and Spain last month.
It also made positive changes in outlooks including negative to stable for Ireland in late 2012.
Fitch said positive rating actions reflect an end to recessions, a move into current account surpluses, a narrowing in budget deficits, enhanced financing flexibility and market access, reduced tail risk of eurozone exits, structural reforms and gains in competitiveness, an easing in banking sector risks and reforms at the eurozone level.