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S&P: Ireland view now stable
Standard & Poor's said it affirmed its long- and short-term foreign and local currency sovereign credit ratings on the Republic of Ireland at BBB+/A-2 and revised the outlook to stable from negative.
The outlook revision reflects S&P's expectation that the exchange of promissory notes for longer-term government bonds significantly reduces the Irish government's debt-servicing costs and refinancing risk, and supports medium-term fiscal consolidation.
By improving the government's debt-maturity profile, the transaction also increases the prospects of Ireland leaving the EU/IMF bailout program as planned at the end of 2013, the agency said.
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