DUBLIN (AFP) ― Standard & Poor’s on Friday revised up Ireland’s sovereign credit rating to “A-” with a positive outlook from its previous “BBB+” assessment, citing the eurozone member’s improved domestic prospects.

In contrast, the ratings agency held Italy’s credit rating at ’BBB’, which is two notches above junk level, and maintained its negative outlook.

“The (Irish) upgrade reflects our view of the brightening prospects for Ireland’s domestic economy, which we expect to underpin further improvements in the government’s financial profile, capital markets access, and financial system asset quality,” S&P said in a statement.

The agency also ramped up its 2014-2016 average gross domestic product growth projections for Ireland to 2.7 percent from 2 percent previously. “We believe the domestic recovery is broadening and has gathered pace in the first quarter of 2014,” S&P added.