The ratings agency Fitch has upgraded Ireland's sovereign rating to A+ from A.
Fitch has indicated that this upgrade reflects the improving health of the banking sector, the declining general government debt-to-GDP ratio and reducing debt servicing costs.
The upgrade represents an improvement of one notch on the Fitch scale.
Ireland has 'A' rating from all the major debt ratings agencies.
Minister for Finance Paschal Donohoe has welcomed the upgrade and said the development underscores our continuing economic and financial improvements.
The National Treasury Management Agency also welcomed the upgrade of Ireland's sovereign credit rating to A+ with a stable outlook.
