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No Reason To Change Ireland Outlook At This Stage - Fitch
By Eamon Quinn, Of DOW JONES NEWSWIRES
DUBLIN -(Dow Jones)- Fitch Ratings director Chris Pryce said Thursday there is "no reason" at this stage for the rating agency to change its outlook on Ireland, one of the three most troubled countries embroiled in the euro debt crisis.
Pryce--a long-time sovereign credit analyst for Ireland and Greece--said the agency last cut its rating for Ireland in April to BBB+ with a negative outlook because it was worried at the time that the Irish economy wouldn't show any growth.
"Then, a couple of weeks ago, there was a sharp rise" in first-quarter gross domestic product, he told Dow Jones Newswires in a telephone interview.
Late Tuesday, rival rating agency Moody's Investors Services downgraded Portugal's debt to junk status, increasing market fears that Ireland's debt would in time be cut to non-investment grade with Portugal and Greece.
"The government finances are doing reasonably well--they are hitting the target. That's another stability factor. Inflation is behaving itself. So right now there is no reason to change the Irish rating. It could happen but it is not obvious what would change it [the rating] right now," Pryce said.
Irish economic data haven't got worse since the rating was set in April, he added.
On whether Ireland needed a second rescue program, Pryce said that, unlike Greece, Ireland hasn't needed to raise money from debt markets since its bailout in November. The elevated yields for Irish debt on secondary market were "not that relevant," Pryce aid.
Amid an escalating banking crisis, Ireland needed to strike a EUR67.5 billion loans deal with the European Union and International Monetary Fund last year when markets refused to lend the country money.
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Disparità di trattamento.
Ditemi se non c'è conflitto di interessi tra le agenzie di rating e gli interessi anglo-americani.
By Eamon Quinn, Of DOW JONES NEWSWIRES
DUBLIN -(Dow Jones)- Fitch Ratings director Chris Pryce said Thursday there is "no reason" at this stage for the rating agency to change its outlook on Ireland, one of the three most troubled countries embroiled in the euro debt crisis.
Pryce--a long-time sovereign credit analyst for Ireland and Greece--said the agency last cut its rating for Ireland in April to BBB+ with a negative outlook because it was worried at the time that the Irish economy wouldn't show any growth.
"Then, a couple of weeks ago, there was a sharp rise" in first-quarter gross domestic product, he told Dow Jones Newswires in a telephone interview.
Late Tuesday, rival rating agency Moody's Investors Services downgraded Portugal's debt to junk status, increasing market fears that Ireland's debt would in time be cut to non-investment grade with Portugal and Greece.
"The government finances are doing reasonably well--they are hitting the target. That's another stability factor. Inflation is behaving itself. So right now there is no reason to change the Irish rating. It could happen but it is not obvious what would change it [the rating] right now," Pryce said.
Irish economic data haven't got worse since the rating was set in April, he added.
On whether Ireland needed a second rescue program, Pryce said that, unlike Greece, Ireland hasn't needed to raise money from debt markets since its bailout in November. The elevated yields for Irish debt on secondary market were "not that relevant," Pryce aid.
Amid an escalating banking crisis, Ireland needed to strike a EUR67.5 billion loans deal with the European Union and International Monetary Fund last year when markets refused to lend the country money.
***
Disparità di trattamento.
Ditemi se non c'è conflitto di interessi tra le agenzie di rating e gli interessi anglo-americani.
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