S&P’s reaffirms positive outlook

There was mixed news for Ireland’s credit rating with Standard & Poor’s reaffirming the positive outlook for the sovereign, which was offset by a series of downgrades by Moody’s for the covered bonds issued by the pillar banks.

S&P affirmed its long- and short-term foreign and local currency sovereign credit ratings on the Ireland at “BBB+/A-2”. The outlook remains positive.

S&P cited continued budget consolidation, improved economic growth and asset sales as reasons why the debt level is set to decline over the next few years.