The Government and bank lenders were given something of a wake-up call yesterday as a leading international credit rating agency threw cold water on the prospects for a speedy return to normal personal debt levels here.

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

Stockbrokers Merrion Capital is convinced there is a resurgence in AIB, with analyst Ciaran Callaghan issuing a note entitled ‘Phoenix rising from the ashes’.

International credit rating agency Standard & Poor’s has warned it may lower its mid-range ‘BB/B’ rating on AIB later this year, saying its outlook for the bank remains “negative”.