Credit ratings agency Moody’s has announced its decision to revise its outlook for Ireland from stable to positive.

The move is seen as a reflection of the market improvement in the country’s credit fundamentals over the past year, including a stronger economic recovery, faster fiscal consolidation and a substantial decline in the government’s debt burden.

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The ratings agency has affirmed its long-term rating for Ireland at Baa1.

Earlier today, ratings agency DBRS also revised its Irish trend from stable to positive and confirmed its long-term rating for Ireland at A.