Moody's revises Ireland credit rating outlook to stable from negative
NEW YORK, Sept 20
NEW YORK, Sept 20 (Reuters) - Moody's Investors Service revised Ireland's sovereign foreign currency credit rating to stable from negative on Friday citing an expectation that government debt will level off relative to gross domestic product.
The rating is still in junk status territory at Ba1. Ireland is rated investment grade at BBB-plus with a positive outlook by Standard & Poor's while Fitch Ratings has a similar rating but with a stable outlook.
"The first driver behind Moody's change in Ireland's rating outlook is the progress being achieved in restoring the government's financial solvency, as reflected by the resumption of growth, albeit modest at present, and ongoing fiscal consolidation," Moody's said in a statement.
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