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ISEQ gets a lift from Irish 'A' rating

Friday, June 06 17:47:50

The ISEQ closed the week on a high as investors mulled the ECB's robust stimulus package and after Standard and Poor's lifted Ireland's sovereign rating.

By the close, the index was up 61.44 points to 5,012.40.

Global ratings agency, Standard and Poor's, has become the first to restore Ireland's rating to an A grade.

It said it upgraded Ireland's government bonds by one notch to A-minus, saying the country is making good progress in getting a grip on its six-year banking debt crisis.

It marks the first major upgrade of Ireland by S and P after it downgraded the country at the height of the economic ills, in 2011. As the worst of the crisis eased, it subsequently lifted its Ireland outlook to positive. And Friday, S and P said it increased its rating to A-minus from BBB+, as a brighter economic outlook has improved Ireland's fiscal position and the country's damaged banks have shown signs of being on the road back to financial health.

It said its outlook remains positive.