Ireland's credit rating upgraded

Standard and Poor's has today upgraded Ireland's credit rating.

The ratings agency has upgraded the long-term sovereign credit rating of Ireland from A to A+, with a stable outlook, and also reaffirmed our position as the highest possible A-1 category for short-term debt.

The announcement was welcomed by the National Treasury Management Agency, which says the new A+ rating will have a positive impact on investor sentiment towards the country.

NTMA director of funding and debt management Frank O’Connor said: "Today’s upgrade is the third by S&P in the past 12 months and part of a steady upward trend in Ireland’s sovereign ratings.

"In addition to Ireland’s improved fiscal and economic performance, S&P notes the lowering of borrowing costs, including the early repayment of IMF loans.

"An A+ rating will have a positive impact on investor sentiment towards Ireland and broaden the universe of buyers for Irish Government bonds."