Fitch lifts Ireland to stable

Fitch Ratings said it revised the outlooks on the Republic of Ireland's ratings to stable from negative.

The agency also said it affirmed the long-term foreign- and local-currency issuer default ratings at BBB+, country ceiling at AAA and short-term foreign-currency issuer default rating at F2.

The ratings of guaranteed issuance by National Asset Management Ltd. (NAMA) also were affirmed at BBB+ and F2, in line with the sovereign ratings.

The ratings reflect Ireland's continued progress with its fiscal consolidation, external adjustment and economic recovery, as well as the sovereign's improved financing options, Fitch said.

The agency said the risks surrounding the adjustment path have narrowed and become more balanced, reflecting that fiscal consolidation remains on track and fiscal policy has successfully managed to meet the fiscal targets without excessive adverse impact on economic growth in 2011 to 2012.

Nevertheless, significant further adjustment is needed to bring the deficit to less than 3% by 2015 as required under the European Union International Monetary Fund program, Fitch said.

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