Fitch keeps Ireland's credit rating at BBB+

Ratings agency Fitch said on Friday it has affirmed its credit rating on Ireland with a stable outlook. In a statement, the ratings agency said it has affirmed Ireland's long-term foreign and local currency IDRs at "BBB+" with stable outlooks. The issue ratings on Ireland's senior unsecured foreign and local currency bonds have also been affirmed at "BBB+." Among other services, Fitch generates credit ratings, called "Issuer Default Ratings," for a range of business sectors. Fitch said Ireland successfully completed its three-year adjustment program in December 2013, adding that all quarterly fiscal targets of the EU/ECB/IMF troika program have been met, underpinned by strong policy commitment. Ireland has returned to market financing and has built up cash buffers equivalent of 13 percent of GDP by end-January 2014, including 3.75 billion euros from a 10-year bond sale in January 2014, according to Fitch. Fitch forecasts a budget deficit of 4.8 percent of GDP in 2014. But it said a further 2 billion euro of consolidation will be needed next year to reach a budget deficit below 3 percent of GDP. Ireland's gross general government debt/GDP ratio may have reached around 124 percent in 2013, one of the highest among Fitch-rated sovereigns. Fitch said Ireland's GDP growth could reach 1.6 percent in 2014 and 2.2 percent in 2015. Fitch expects the current account surplus to remain around 4 percent of GDP in 2014-15, similar to 2013.