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Ireland for review by Moody's next week

Friday, January 10 10:54:47

Ireland's credit worthiness is up for its scheduled review by Moody's next Friday for the first time since the bailout exit.

There are hopes that the global credit agency will look favourably on the Troika's exit last month and the hugely successful E3.75bn raised by the NTMA this week in a 10-year bond issue.

New European Union rules requiring ratings firms to publish in advance the dates of their sovereign reviews so as to prepare markets.

The rules apply to Standard and Poor's, Moody's, Fitch and a few other credit ratings agencies that operate in Europe.

This week has seen a huge rally in Portugal's sovereign bonds and stock markets on hopes it can follow Ireland in exiting its EU/IMF rescue programme, as Ba3 with a stable outlook.

The schedule sees Fitch's review of Ireland due on Februay 21 and DBRS' on March 28, Moody's again on May 16th and Standard and Poor's on June 6th.

However, rating agencies cal also publish reviews outside the scheduled dates under certain circumstances and can publish analysis reports anytime which can affect or point to future ratings changes.