S&P upgrades Ireland on rapid economic growth

Ratings agency Standard & Poor’s has said Ireland’s economy is rebounding strongly and will see rapid economic expansion for much of the rest of the decade.

With economic growth driving the country’s national debt lower at a faster rate than it had anticipated, S&P yesterday raised Ireland’s credit rating to A+ from A, with a stable outlook.

It said: “Our upgrade of Ireland is premised on our expectation that the next government — likely to take office a year from now — will not deviate significantly from current fiscal targets and commitments.”