Credit ratings agency Fitch has signalled that it may soon remove Ireland's negative ratings outlook.
Fitch's new credit rating analyst for Ireland Gergely Kiss said an upgrade of the country's BBB-plus rating is still some way off, and would depend on the sort of deal Ireland can secure in the eurozone to lighten its debt burden.
Nevertheless Fitch expects Ireland will secure some sort of debt deal from the euro area, but questions remain over its size and timing.
In an interview with the Wall Street Journal, Mr Kiss said any deal that helps Ireland rebuild investor confidence in its long-term credit worthiness would count towards a possible ratings upgrade.
Fitch downgraded Ireland to BBB-plus status, which is two notches above junk, in late 2010, as the country entered into a bailout with the Troika.
It has maintained a negative outlook ever since, meaning it could move to a further downgrade.
Fitch has also cut its growth forecast for Ireland due to the weakening economies of the euro area, the US and the UK - which are Ireland's main export markets.
It now expects zero GDP growth in Ireland this year, cut from 0.5%, and 1% next year, cut from 2% in an earlier forecast.
Mr Kiss says Fitch expects Ireland will get what he called a "comprehensive" deal on bank debt, but how much of the €64bn cost will be covered or when it happens are still unclear.
