Irish credit rating back to A status

A leading &credit ratings agency has restored Ireland’s A rating, a move which will significantly help the country’s borrowing costs.

Standard & Poor’s said there is a one-in-three possibility of a further upgrade in the next two years if the Government reduces the budget deficit below 3%.

The upgrade &underpins Ireland’s improved borrowing costs. During the week, the price of Irish sovereign debt was cheaper than US government treasuries for the first time since 2007.