Moody's upgrades Ireland's credit rating to A2 status

The credit ratings agency Moody’s has today upgraded Ireland’s sovereign rating to A2 from A3 (a one notch improvement on the Moody’s scale).

The key drivers underpinning the Moody’s upgrade are the continued strong growth of the Irish economy, the near-achievement of a balanced budget and the ongoing decline in public indebtedness.

The Irish sovereign is rated as investment grade by all of the major international debt rating agencies.

Commenting on the sovereign rating upgrade by Moody’s, Minister for Finance and Public Expenditure & Reform Paschal Donohoe TD said: "I welcome the ratings upgrade from Moody's which further improves our sovereign rating.

"This development is an acknowledgement of our continuing economic improvement."

He said Central Statistics Office data for the second quarter of this year shows that GDP increased at an annual rate of 5.8%.

"Our job now is to build upon the gains of recent years and to ensure that all can benefit in the years ahead," he said.

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