Fitch upgrades Ireland's sovereign debt rating to A-

The credit ratings agency Fitch on Saturday upgraded Ireland's long-term foreign and local currency Issuer Default Ratings (IDA) to A- from BBB+.

In a statement, Fitch said the Irish government has continued its multi-year fiscal consolidation program following the exit from the Troika program at the end of 2013 and remains compliant with domestic and eurozone fiscal rules.

Fitch forecasts the 2014 general government deficit to be below the 4.8 percent of gross domestic product (GDP) target and expects a small primary surplus compared with a primary deficit peak of more than 9 percent of GDP in 2009.

"We believe Ireland's gross general government debt (GGGD) to GDP ratio peaked in 2013 at 123 percent, albeit after an increase of 100 pp since 2007 to a level among the highest of Fitch-rated sovereigns," it said.

Fitch is the second agency to move Ireland back to an A rating, following Standard & Poor's in June.