YEREVAN, December 8. /ARKA/. Ireland’s credit rating was upgraded one level by Standard & Poor’s, which said the strengthening economy will help the government reduce its debt, Bloomberg reported.

The rating was raised to A- from BBB+ with a positive outlook. That means there’s at least a one-in-three chance of another upgrade in the next two years, S&P said in a statement today. Ireland is still six levels below the top AAA grade.

S&P is the first of the three main ratings companies to put Ireland on an A rating after it exited a three-year international bailout in December. It was restored to investment grade by Moody’s Investors Service in January. The economy will expand 1.9 percent this year and 2.2 percent in 2015, according to the Organization for Economic Cooperation and Development. –0--