For the second time in 6 months Standard & Poor’s has upgraded Ireland moving the country’s credit rating to A from A- with a stable outlook.
Speaking ahead of meetings with potential Chinese investors next week, Minister Noonan welcomed the latest upgrade:
“The Standard & Poor’s upgrade is further evidence that our economic recovery has firmly taken hold thanks to the policies pursued by this Government and the commitment of the Irish people. The upgrade reflects Ireland’s solid economic growth prospects, the continued strong management of the public finances, and the progress that NAMA and the Irish banks are making.
This latest vote of confidence is particularly welcome ahead of meetings I will be holding next week with Chinese investors in Beijing and Shanghai. The return to investment grades across all of the main ratings agencies this year has reopened new markets to us across Asia.”
John Corrigan,NTMA’s outgoing chief executive said the upgrade concludes a very positive year for Ireland’s credit ratings.
“Since regaining investment-grade status with all three of the main ratings agencies at the beginning of 2014, Ireland has climbed to A rating status with both S&P (A) and Fitch (A-) in their long-term ratings. Today’s upgrade is also noteworthy by formally moving Ireland to the top slot on S&P’s short-term rating scale,” he said.