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S&P upgrades Ireland’s rating, growth forecast

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Ireland's credit rating was upgraded Friday to A minus with a"positive" outlook by U.S. ratings agency Standard& Poor's (S&P).

"The 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," the agency said in a news release.

Read More Ireland's political fault lines threaten to re-open

The countrywas previously rated BBB+. S&P said it could raise its rating on Ireland again within the next two years.

It also revised up its economic growth forecast for Ireland. It now predicts growth to average 2.7 percent between 2014 and 2016, rather than 2.0 percent.

Read More Ireland: Real recovery or all blarney?

Also on Friday, S&P opted to hold its rating for Italy at BBB.

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