The ratings agency Standard and Poors has upgraded Ireland's outlook from negative to stable.

Ireland will be required to return to the bond markets in six months time, when we officially exit the EU/IMF bailout programme.

That's usually the pre-cursor to a ratings upgrade in the future.

There's also good news in relation to the gradual recovery of our domestic economy, which Standard and Poors say is well underway.

Fine Gael TD for Wicklow Simon Harris had said the upgrade is a significant sign of Ireland's continuing recovery:

"“It is significant that the decision from S&P comes just a week after challenging economic data was published, detailing the complex situation facing the Irish economy.

With the backdrop of a weaker European economy than hoped, it is very encouraging that the ratings agency has clearly looked at the Irish situation and recognised the efforts of the Government to stabilise our national finances."

S&P upgrade another positive step towards economic sovereignty. – @SimonHarrisTD http://t.co/kVYHnoPzrh? #positiveireland

— Fine Gael Official (@FineGaelToday) July 12, 2013

 It's a view that is seemingly held internationally also, as Moody's is now the only major ratings agency which holds Ireland at a non-investment, or junk status.

Markets Correspondent with the Sunday Business Post John Ihle says the upgrade may not happen in the near future - but today's decision is seen as a boost in confidence for Ireland:

 You can watch the Irish reaction to the downgrading of our status by S&P two years ago below: