S&P ups rating for Irish bonds

City A.M. Reporter
STANDARD & Poor’s joined Fitch yesterday by lifting Ireland’s sovereign debt rating outlook to stable, after Dublin struck a bank debt deal that improved its chances of exiting its bailout programme by the end of 2013.

S&P’s move on Ireland’s BBB-plus debt, leaves Moody’s as the only major rating agency with a negative outlook on Irish state bonds.

Dublin struck a deal with the European Central Bank last week allowing it to convert promissory notes into long-term bonds, giving it longer to repay debts it ran up rescuing the Irish banking system.