Moody’s upgrades economy rating

Fresh signs the recession may soon be over emerged last night after an international credit rating agency showed surging confidence in the economy.

In a move welcomed by Finance Minister Michael Noonan, Moody’s raised its credit rating for Ireland from BAA3 to BAA1 — just below the A-rating level considered key to economic recovery.

National Treasury Management Agency chief John Corrigan welcomed the step, saying all three main rating agencies rank Ireland at BBB+ or above.

Mr Noonan said the move shows international financiers have renewed faith in the recovery.

The news came as the Central Bank showed debt among Irish SMEs is not at a level that will trigger a wave of foreclosures and another economic crisis.