moncler oslo though they have fallen significantly in recent weeks

[hgfgsa6398]

DUBLIN,moncler oslo, Aug 5 - Standard & Poor's confirmed Ireland's investment-grade rating on Friday, weeks after rival credit agency Moody's cut it to junk, and signaled Dublin might be able to return to debt markets in late 2013.
 
But as concerns mount over the capacity of euro zone policymakers to contain a spreading debt crisis, S&P also warned Ireland's debt sustainability could be damaged by any failure to restore growth to the struggling domestic economy, or slippage on fiscal targets.
Bailout recipient Ireland got a helping hand on Friday from the European Central Bank, which bought Irish as well as Portuguese bonds for the second day running, easing pressure on euro zone peripheral debt.
Irish Transport Minister Leo Varadkar said the ECB could ramp up its bond-buying programme.
Ireland's bond yields remain too high to consider a return to market for now, though they have fallen significantly in recent weeks, buoyed by progress in tackling its fiscal and banking crises and an easing of conditions on its 85 billion euros EU-IMF bailout.
The positive S&P appraisal marked a welcome vote of confidence.
"The ratings... reflect our view of the government's commitment and capacity to stabilize public finances," S&P said in a statement confirming the country's BBB+ rating.
"We also view Ireland's competitiveness gains since late 2008 and open economy as being supportive of modest, export-led economic growth over the medium term."
S&P said it expected Ireland's marginal funding costs to be around 6 percent or lower by the second half of 2013,parajumpers oslo.
Ireland's benchmark 10-year paper is currently trading at a rate of over 10 percent on secondary markets down from a fresh euro-era high of over 14 percent in July and underpinned on Friday's by the ECB's bond purchases.
"If there are further actions they will probably be from the ECB in terms of buying government bonds ... They are doing a little bit of that already but they may do more,kjøpe moncler," Transport Minister Varadkar told national broadcaster RTE.
Global markets are in freefall over concerns about Europe's spiralling debt crisis and a gloomier outlook for the U.S. economy,moncler norge, meaning S&P's positive announcement on Ireland went largely unnoticed.
"If the world is collapsing all around it the fact that the Irish economy is marginally better isn't going to lead to an investment stampede," said Austin Hughes, chief economist at KBC Bank.
S&P rates Ireland at BBB+, three notches above junk. Fitch rates it at the same level with an outlook negative, meaning it does not expect a downgrade in the short term.
Moody's cut Ireland by one notch to Ba1 last month on concerns the country might need a second bailout when its current rescue package runs out in 2013 and private investors could be at risk of a restructuring.
GROWTH RISK
Investors have warmed to Irish bonds due to progress in meeting its budget deficit targets and the lack of social unrest,PJS jakke, both in contrast to fellow bailout recipients Greece and Portugal.
Irish 10-year yields have fallen from peaks after European leaders agreed to cut around two percentage points off the interest rate charged on Ireland's rescue loans and extend their maturities.
Investors have also been heartened by a decision by a consortium of investors, including Canada's Fairfax Financial Holdings and Wilbur Ross' New York buyout firm, to pour 1.1 billion euros into Bank of Ireland, keeping at least one Irish lender out of state control.
Varadkar said Ireland's bailout, seen as a humiliating loss of sovereignty when it was agreed in November, had turned into a "real positive" because it insulated Ireland from market turbulence.
But he warned weaker global demand could hit exports, which the government is relying on for growth, and that could mean Dublin would have to ramp up an already harsh austerity programme.
"If we don't have the growth that we are anticipating that then puts more pressure on taxation and spending cuts,moncler oslo," he said.
Ireland's government is projecting annual average GDP growth of 2.5 percent over 2011-2015 and the MIFF is forecasting average annual growth of 2.2 percent in that period compared to Sap's 1.6 percent. S& p has said if the economy grows faster than its current projections it would consider raising the rating.
(Writing by Conor Humphries; Editing by John Stonestreet)