Ratings agency Standard and Poor's said it has decided not to upgrade Ireland again.

This is despite the recent agreement by the EU to extend the time period over which the country must repay bailout loans.

S&P's revised its outlook on Ireland from negative to stable after the promissory note deal was agreed at the start of last month.

But in a brief note published today, it said there was no cause for further upgrades as the high budget deficit and ongoing weakness in the banking sector continue to weigh on Ireland's growth prospects.