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Ratings take another look at Ireland

Friday, March 08 14:15:13

Global ratings agencies have been taking another look at Ireland with Standard and Poor's saying it has decided not to upgrade Ireland again while Moody's said it is waiting to see if Ireland gets a deal on bailout debt.

S and P revised its outlook on Ireland from negative to stable after the promissory note deal was agreed at the start of last month.

But in a brief note published today, it said there was no cause for further upgrades as the high budget deficit and ongoing weakness in the banking sector continue to weigh on Ireland's growth prospects.

Meanwhile, Moody's Investors Service indicated that an extension of Ireland's EU bailout loans would be a credit- positive event for Ireland.

Moody's remains the only agency maintaining Ireland on a non-investment grade rating. However, agreement at the Eurogroup/EcoFin meetings commencing in Dublin on April 11th could now be the catalyst for Moody's to upgrade Ireland to stable outlook and potentially to investment grade status.