Ireland’s Finance Minister Michael Noonan said he hopes Moody’s Investors Service will raise the nation’s credit rating from non-investment grade as the country exits its bailout program and plans debt sales.
Bank of Ireland Plc will redeem some of the government’s preferred shares in the company, helping the state to more than recoup the 4.8 billion-euro ($6.5 billion) cost of rescuing of the country’s largest lender.
European government bonds rose as Federal Reserve chairman nominee Janet Yellen signaled she will carry on the central bank’s stimulus until the U.S. economy improves, boosting demand for fixed-income assets.
Senator John McCain said Ireland still faces questions on how corporations use the country to lower taxes after Finance Minister Michael Noonan moved to calm a controversy triggered by Apple Inc.’s practices.
Ireland will today unveil its final budget before becoming the first country in the euro region to exit a bailout program, with the government planning to scale back austerity to foster economic growth.