S&P gives Ireland a vote of confidence

Looks like Ireland will not be the “I” in our game of sovereign debt Hangman .

S&P says the underlying assumptions behind Ireland’s rating are not changed by recent nervous markets. The Irish economy is adjusting relatively quickly and it is more flexible than the economies of Spain, Greece and Portugal.

The risk to Ireland’s rating is the cost of the financial sector bailout. If it costs more than expected, the rating could be hurt.

EUR/USD trades at 1.3243.