Noonan: 'Credit-enhancing events' should improve Ireland's rating with Moody's

A series of "credit-enhancing events", including the introduction of the property tax, should encourage ratings agency Moody's to improve Ireland's credit rating, Finance Minister Michael Noonan said today.

Speaking as he arrived on the second day of an EU finance ministers meeting in Dublin Castle today, Minister Noonan said that he hopes the agency, which has been slow to improve Ireland's rating, will now act.

Ireland also recently agreed an EU deal giving the Government more time to repay bailout loans.

A ratings improvement is seen as important in reducing the cost of Irish borrowing and could encourage investor confidence in Ireland.

"We've had a whole series of credit-enhancing events in Ireland since January," he said.

"I mean, broadening the tax base, introducing property taxes, getting a new arrangement on the promissary notes, and now the extension of maturities.

"So it's all heading in the same direction, and improving Ireland's credit position, so I'm sure that Moody's will move to reflect that in their ratings."