S&P upgrades Ireland on 'brightening economic prospects'

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S&P upgrades Ireland on 'brightening economic prospects'

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Credit rating agency Standard & Poor’s has given Dublin a thumbs up.

It raised Ireland’s sovereign debt rating for the first time since the country ended its bailout and started selling bonds on the international markets.

The upgrade is from BBB plus to A minus with a positive outlook, and the agency said there is a one in three probability of a further increase in the next two years.

It was in response to what S&P called the “brightening prospects for Ireland’s domestic economy”.

Noting inflows of foreign direct investment, S&P analysts now predict economic growth is likely to average 2.7 percent over the next two years. Previously it had forecast a 2.0 percent rise.