Improved status: Moody’s raises Ireland’s rating
Moody’s lead analyst for Ireland says positive outlook suggests improved sentiment for cash-strapped eurozone nation.
DUBLIN:
Moody’s raised Ireland’s sovereign debt rating on Friday, pulling it out of the junk territory to an investment grade Baa3 in recognition of the country’s exit from a huge EU-IMF rescue programme. One month after Ireland reclaimed its economic independence, the ratings agency also placed the country on a positive outlook, citing the economy’s growth potential and improved debt outlook. The one-notch ratings increase from Ba1, which had weighed on Ireland’s ability to raise funds on capital markets, was tied to a recent rise in economic growth. Moody’s lead analyst for Ireland, Kristin Lindow, said the positive outlook suggested improved sentiment for the cash-strapped eurozone nation. “The upgrade reflects the growth potential of the Irish economy which together with the fiscal consolidation, expected to continue over the next few years, will help bring down the very high debt levels,” said Lindow.
Published in The Express Tribune, January 19th, 2014.
Moody’s raised Ireland’s sovereign debt rating on Friday, pulling it out of the junk territory to an investment grade Baa3 in recognition of the country’s exit from a huge EU-IMF rescue programme. One month after Ireland reclaimed its economic independence, the ratings agency also placed the country on a positive outlook, citing the economy’s growth potential and improved debt outlook. The one-notch ratings increase from Ba1, which had weighed on Ireland’s ability to raise funds on capital markets, was tied to a recent rise in economic growth. Moody’s lead analyst for Ireland, Kristin Lindow, said the positive outlook suggested improved sentiment for the cash-strapped eurozone nation. “The upgrade reflects the growth potential of the Irish economy which together with the fiscal consolidation, expected to continue over the next few years, will help bring down the very high debt levels,” said Lindow.
Published in The Express Tribune, January 19th, 2014.