Updated 10.20pm

STANDARD AND POOR’S (S&P) has restored an A rating to Irish sovereign debt, the first major credit rating agency to do so since the crash.

Ireland’s rating has been moved from BBB+ to A-, it was confirmed earlier this evening.

In its decision S&P cited an improved economic growth outlook and a better outlook on the government’s ability to repay its debt.

The agency is foecasting average gross domestic product growth of 2.7 per cent over the next two years and improved prospects for the domestic economy.

Finance Minister Michael Noonan described the news as a “very positive development”.

He said: “I am particularly pleased that this upgrade is being driven by S&P’s view on the improved prospects for the domestic economy.

“This is a view I share and with thousands of jobs being created each month, strong exchequer performance and with positive high-frequency indicators, I am confident that we are moving in the right direction.”

First published 5.25pm

Read: After the global financial crisis, why are rating agencies still trusted?

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