S&P raises outlook on Ireland, says bailed-out nation ahead of expectations on managing debts
{{#rendered}} {{/rendered}}U.S. credit ratings agency Standard and Poor's has raised its outlook on Ireland and forecasts the bailed-out country's debt levels could be cut more quickly than expected.
The ratings agency kept its risk grade on Irish debt securities at BBB+ but improved the outlook from stable to positive, suggesting a possible rating hike. S&P cites Ireland's commitment to austerity as a key reason for the decision.
Friday's report offered Ireland a boost after figures last month revealed a slip back into recession for the first time since 2010. Ireland had been the only bailout recipient, alongside Portugal and Greece, to achieve growth despite four years of austerity.
{{#rendered}} {{/rendered}}Ireland plans a further 3.1 billion euros ($4 billion) in tax hikes and cuts as it seeks to resume normal borrowing this year.