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DUBLIN: Ratings agency �ѴǴǻ��’s has upgraded Ireland’s sovereign credit rating to A2 after faster than expected economic growth and progress by the government in balancing its books.
Ireland has posted the fastest growth in the European Union for the past three years and the government says it is on target to eliminate its structural budget deficit next year.
�ѴǴǻ��’s raised Ireland’s credit rating to ‘A3’ last May, giving the country ‘A’ ratings from all the major ratings agencies.
�ѴǴǻ��’s also changed the outlook on Ireland’s rating to stable from positive.
“When �ѴǴǻ��’s upgraded Ireland’s rating to A3 ... it conditioned a further upgrade of the rating on a continuation of the positive economic, fiscal and debt trends as well as a continuation of the improving metrics in the banking sector,” �ѴǴǻ��’s said. “All of these conditions have been met.”