S&P affirms Ireland

Standard & Poor's said it affirmed its BBB+ long-term and A-2 short-term sovereign credit ratings on the Republic of Ireland. The outlook remains negative.

The agency said the transfer and convertibility assessment for Ireland, as for all euro zone members, is AAA.

S&P said the ratings affirmation reflects its view that the Irish government's response to the significant deterioration in its public finances and the recent crisis in the Irish financial sector has been proactive and substantive.

The outlook remains negative, based on the government's still substantial task of reducing the deficit to less than 3% by 2015, an effort that weaker-than-expected external demand could undermine, the agency said.

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