DUBLIN Jan 10 Ireland's issuing of 2.5 billion
($3.3 billion) of debt this week was credit positive, according
to Moody's, the only major ratings agency to rate Irish
sovereign debt as junk.
But it said market access was not enough for the country's
return to investment grade.
Ireland kicked off its funding for the year on Tuesday when
it sold 2.5 billion euros of 2017 paper, raising a quarter of
the 10 billion euros it aims to borrow in 2013 before a planned
exit from its EU/IMF bailout.
"Ireland's capital market issuance is credit positive and an
important step for it to regain full market access, Moody's said
in a note released on Thursday.
But the agency, which rates Ireland at Ba1 after stripping
it of its investment grade status in 2011, said signs of growth
were needed to show that the country's debt is sustainable.
"An upgrade for Ireland's rating depends on crucial fiscal
progress, stabilisation of the very high debt burden and a
sustained return to positive growth," it said.
"Ireland has made significant progress in these areas since
the depth of its fiscal crisis but uncertainties linger."