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Credit rating still low despite bond moves

IRELAND'S credit rating remains "depressingly" low, NTMA's chief executive has said.

John Corrigan, right, said ratings agency Moody's continued to rank Ireland at junk status despite positive moves on the bond markets.

The National Treasury Management Agency raised €2.5bn this week and has eliminated a funding cliff presented by a €11.9bn bond repayment due in January 2014. The move is a "very encouraging start to the year", according to the NTMA.

"Nonetheless Ireland's continuing access to the international bond markets remains dependent on external factors, particularly developments at a wider euro zone level," Mr Corrigan said.