Ratings agency Fitch raised its ranking of the Republic’s creditworthiness to a level last seen in December 2010, the month after the EU-International Monetary Fund bailout, the Irish Times reports.

Fitch said the risks surrounding the State’s fiscal adjustment path had “narrowed” and “become more balanced”. The correction in the public finances “remains on track” and “broadly in line” with the EU-IMF targets…Rival agency Moody’s, which has a more pessimistic view of Ireland, said the State still faced a “pretty mixed picture”.

In a separate story in the Times, the government said there will be no extra austerity beyond the €3.5 billion already planned despite a substantial downgrade in the country’s growth outlook.