Fitch lifts Ireland

Fitch Ratings said it has upgraded Ireland's long-term foreign and local currency issuer default ratings to A- from BBB+.

The outlooks are stable.

The issue ratings on Ireland's senior unsecured foreign and local currency bonds have also been upgraded to A-, the agency said.

The short-term foreign currency issuer default rating has been upgraded to F1 from F2 and the country ceiling raised to AAA from AA+, Fitch added.

The upgrade of Ireland's issuer default ratings reflects that the Irish government has continued its multi-year fiscal consolidation program following the exit from the Troika program at the end of 2013 and remains compliant with domestic and euro zone fiscal rules.

Fitch said that it forecasts the 2014 general government deficit to be below the 4.8% of GDP target and expects a small primary surplus compared with a primary deficit peak of more than 9% of GDP in 2009.

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