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Ireland's rating raised to Baa1

May 19, 2014

Ireland’s rating was raised for the second time in less than six months by Moody’s Investors Service as the economy stabilizes and concern that the euro-region may be under threat eases. Moody’s raised its ranking two levels to Baa1 from Baa3, the ratings company said May 16 in a statement. Six of nine analysts and economists surveyed by Bloomberg News predicted an upgrade. The outlook is stable, Moody’s said. “The recent pick-up in Ireland’s growth momentum will speed up ongoing fiscal consolidation and put the government’s debt metrics on a steeper downward path than previously anticipated,” Moody’s said. Moody’s is upgrading its view as Irish employment grows, the government deficit narrows and the wider crisis which threatened the euro-region’s future eases. The ratings company this month raised Portugal’s rating, and in January, restored Ireland to investment grade. The yield on Ireland’s 10-year benchmark government bond has fallen more than 70 basis points over the last 12 months to 2.68%.

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