Advertisement

We need your help now

Support from readers like you keeps The Journal open.

You are visiting us because we have something you value. Independent, unbiased news that tells the truth. Advertising revenue goes some way to support our mission, but this year it has not been enough.

If you've seen value in our reporting, please contribute what you can, so we can continue to produce accurate and meaningful journalism. For everyone who needs it.

Photocall Ireland
we're back baby

Thanks, lads: Standard and Poor's has upgraded Ireland to an A

We’re still five notches below the highest ranking though.

RATINGS AGENCY STANDARD and Poor’s has upgraded Ireland’s credit rating to an A from an A-, citing the fall in unemployment and the improving job market.

It is the second time in six months that S&P has upgraded Ireland’s rating.

An A rating means that a country’s credit quality is satisfactory and stable; it is still five notches below the highest ranking, which is AAA.

Minister for Finance Michael Noonan said that the upgrade was further evidence that the economic recovery has taken hold.

“The upgrade reflects Ireland’s solid economic growth prospects, the continued strong management of the public finances, and the progress that Nama and the Irish banks are making,” he said.

S&P also revised its projections for Ireland’s GDP growth over the next two years upwards from 2.7% to 3.7%.

Explaining its actions, S&P said that the upgrade reflected its views of Ireland’s solid economic growth prospects, noting that Nama has now repaid about half of its original government-guaranteed senior bonds.

John Corrigan, the head of the NTMA, said the upgrade “concludes a very positive year for Ireland’s credit ratings”.

Read: Anglo junior bondholders may still get pay-outs > 

Read: “It’s been a very good year for tax” – So says Michael Noonan. He’s not wrong >

Your Voice
Readers Comments
110
    Submit a report
    Please help us understand how this comment violates our community guidelines.
    Thank you for the feedback
    Your feedback has been sent to our team for review.