Moody’s up­grades Ire­land’s sov­er­eign credit rat­ing

Arab News - - BUSINESS -

DUBLIN: Rat­ings agency Moody’s has up­graded Ire­land’s sov­er­eign credit rat­ing to A2 af­ter faster than ex­pected eco­nomic growth and progress by the govern­ment in bal­anc­ing its books.

Ire­land has posted the fastest growth in the EU for the past three years and the govern­ment says it is on tar­get to elim­i­nate its struc­tural bud­get deficit next year.

Moody’s raised Ire­land’s credit rat­ing to ‘A3’ last May, giv­ing the coun­try ‘A’ rat­ings from all the ma­jor rat­ings agen­cies.

Moody’s also changed the out­look on Ire­land’s rat­ing to sta­ble from pos­i­tive.

“When Moody’s up­graded Ire­land’s rat­ing to A3, it con­di­tioned a fur­ther up­grade of the rat­ing on a con­tin­u­a­tion of the pos­i­tive eco­nomic, fis­cal and debt trends as well as a con­tin­u­a­tion of the im­prov­ing met­rics in the bank­ing sec­tor,” Moody’s said in a re­port.

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