May 16, 2014 / 9:05 PM / 3 years ago

Moody's raises rating on Ireland by two notches

May 16 (Reuters) - Moody’s Investors Service raised its rating on Ireland by two notches to “Baa1” from “Baa3”, citing improved outlook for the country’s medium-term debt trajectory.

“Moody’s expects Ireland’s economy to grow considerably faster than the euro area average over the near to medium term,” the ratings agency said in a statement.

The agency also cited the significant reduction in the Irish government's contingent liabilities due to a recovery in the property market. (r.reuters.com/zek49v)

Moody’s also raised the short-term rating on Ireland to “P-2” from “P-3”. (Reporting By Kanika Sikka in Bangalore; Editing by Sriraj Kalluvila)

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