IRELAND'S fiscal prudence would give the country a strong chance of joining a single Euro currency at the planned 1999 start date, credit rating agency Standard & Poor's has stated.
S&P, which has affirmed Ireland's sovereign credit ratings, said it was putting greater emphasis on government finances in analysing countries which could take part in European Economic and Monetary Union (EMU).
"Ireland's comparatively strong fiscal position leaves it well placed to be among the first to join," S&P said in a statement.
S&P affirmed its positive ratings for Ireland's long term and short term debt as well as its AAA local currency rating. The outlook on the ratings is stable, the agency said.
The AAA local currency rating reflects a stronger capacity to pay Irish pound denominated debt than foreign currency debt because of the country's taxation powers and control of the domestic financial system.
But S&P said the foreign currency rating was constrained by a level of, economic development that trailed the average for EU countries and high public debt.
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