Ireland ‘on course’ for 2013 return to markets

IRELAND’S credit rating stands to improve and the country could return to borrowing on the markets in 2013 as planned, ratings agency Fitch told Reuters yesterday, while urging Europe to introduce a system of restructuring country debt.

“Assuming no material deterioration of the eurozone crisis, I think it is feasible for Ireland to be back in the markets in 2013, if they continue to do the right things and are able to make progress on deficit reduction,” said Tony Stringer, a country debt analyst. “If they continue to make progress and regain market access, their rating could improve over the medium term.”

Stringer’s comments strike an optimistic note for Ireland’s future rating, in contrast to Fitch’s current ranking of the country at the second-lowest level of investment grade debt. They also come as Taoiseach Enda Kenny received praise from European commission president Jose Manuel Barroso for the country’s recent economic performance.