Moody's raises outlook on Irish debt to stable from negative


FXstreet.com (Barcelona) - Moody's Investors Service announced on Friday its decision to upgrade the outlook on the Irish Ba1 government bond rating from negative to stable.

According to the official document, Ireland's public finances are on the mend and the risk of losing access to financial markets is diminishing as liquidity improves. The country is less vulnerable to debt crisis turbulences and “the progress made implies greater insulation from further shocks to investor confidence arising from events elsewhere in the euro area.”

The credit ratings agency suggested that the Irish rating could be upgraded if fiscal consolidation targets continued to be fulfilled and growth gathered pace. A downgrade would be carried out if the fiscal consolidation process faltered.

As Sebastien Galy from Societe Generale notes: “They are finally catching up to the other two rating agencies. The S&P and Fitch rate Ireland BBB+ stable. S&P upgraded Ireland from negative watch on 01/13/2012, while Fitch did the same on 01/27/2012.”

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