CREDIT RATING AGENCY Moody’s has raised Ireland’s outlook from negative to positive, it has been confirmed.

The agency also made the decision to raise Ireland’s credit rating from junk status to investment grade.

The decision means Ireland now enjoys investment grade ratings with all three major ratings agencies.

In a statement, Moody’s said that there were two key drivers to the decision:

• The growth potential of the Irish economy, which together with ongoing fiscal consolidation is expected to bring government debt ratios down from their recent peak
• The Irish government’s exit from its EU/IMF support programme on schedule, with improved solvency and restored market access.

Moody’s also expects that Ireland’s debt ratios will start to decline this year.

The head of the National Treasury Management Agency, John Corrigan, said the fact that market access was a factor in the decision was particularly pleasing.

“I am pleased to note that one of the main drivers for today’s upgrade was Ireland’s restored market access,’’ said NTMA Chief Executive John Corrigan. “The change to the ratings outlook represents a positive context for future rating reviews.”

Read: No more junk? Moody’s set to issue its verdict on Ireland’s bailout exit