Rating agency Standard & Poor's has reaffirmed Ireland's credit rating and said the outlook for the country remains positive. 

In a statement, S&P's said it believes Ireland will continue to reduce its general government debt burden through budgetary consolidation and asset sales, as the domestic economy improves.

"We are therefore affirming our 'BBB+/A-2' long- and short-term foreign and local currency sovereign credit ratings on Ireland," the agency said.

It said that the outlook remains positive, reflecting its view that there is a more than one-in-three probability that the agency could raise its long-term ratings on Ireland in the next 18 months.