DBRS confirms Ireland's sovereign rating at A (low)
NEW YORK (Reuters) - Credit ratings agency DBRS on Friday confirmed Ireland's sovereign rating, but warned a cut could still be on the way.
The agency confirmed Ireland at A (low), with a negative trend.
DBRS' rating of Irish sovereign bonds is slightly higher than comparable ratings from larger agencies such as Standard and Poor's and Moody's, making the DBRS rating particularly important for Ireland at the moment.
Its relatively high ratings are the only thing sparing the country's bonds from the 5 percent penalty imposed by the European Central Bank on debt rated below single-A.
"The rating confirmation reflects Ireland's strong commitment to fiscal consolidation, evidence of macroeconomic rebalancing, and emerging signs of economic recovery," DBRS said in a statement.
Standard and Poor's rates the country BBB-plus. Moody's rates Ireland Ba1. Fitch rates it BBB-plus.
(Reporting by Daniel Bases and Luciana Lopez)
