Ireland's credit rating has been upgraded.

Rating's agency Standard and Poors has upgraded the long-term sovereign credit rating from A to A-plus with a stable outlook, and also reaffirmed our position as the highest possible A-1 category for short-term debt.

Its being welcomed by the National Treasury Management Agency which says the new A-plus rating will have a positive impact on investor sentiment towards the country.

Minister for Finance Michael Noonan stated:

"I welcome Standard and Poor's upgrade of Ireland's Ireland's long term credit rating from A to A+ with a stable outlook.

"This upgrade recognises Ireland's commitment to restoring the public finances to full health and the significant progress made to date in this regard. It is also reflective of Ireland's strong economic growth potential into the medium term."