Ireland's debt has overnight gone from junk status to investment grade. The country has been given a higher credit rating by the Moody's agency. While Moody's was the only one of three key agencies to class Irish debt as junk, it said Ireland is now projecting a more positive outlook with growth potential. Investors are now more likely to invest in the country through its government-issued bonds. Ireland had been locked out of international credit markets following its banking collapse, causing bond rates to rise substantially. The interest rate that was being demanded by investors was at 15% in mid-2011. It is now at around 3.5%.
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