Ratings agency Moody’s has upgraded Ireland’s rating in a move it is attributing to strong economic growth, an almost-balanced budget and declining public debt.
Ratings by companies such as Moody’s are used by investors as a guide to a country’s economic health and stability.
It follows Central Statistics Office data on Friday that showed an increase in GDP of 5.8 per cent for the second quarter.
Minister for Finance Paschal Donohoe said it was an acknowledgement of the country's economic improvement.
“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.
Sustainable management
“Achieving this will require continued sensible and sustainable management of the public finances. It is the Government’s intention to achieve a balanced budget next year and to keep the debt ratio on a declining path.”
National Treasury Management Agency (NTMA) director of funding and debt management, Frank O'Connor, said: "Today's upgrade brings Ireland's rating above the mean A range across the main ratings agencies, which is a significant positive for investors who look to the average."
The upgrade saw Ireland’s sovereign credit rating move from A3 to A2 with a “stable outlook”.
