So it is the perfect time for the sages at S&P to reward it with a ratings upgrade.
Friday, S&P said it increased its rating to A-minus from BBB+, as a brighter economic outlook has improved Ireland's fiscal position and the country's damaged banks have shown signs of being on the road back to financial health.
S&P said its outlook is positive, reflecting the possibility of another upgrade in the next two years….
S&P also said Ireland's economy was on the mend, adding that inflows of foreign direct investment are likely to bolster the nation's real gross-domestic-product growth, which the ratings firm now projects will average 2.7% over 2014-2016, up from its previous 2.0% projection.
Ireland, however, likely will need its economy to grow rapidly in future years, perhaps by as much as 3% annually, to reduce the debts accumulated during the crisis. And despite evidence that employment is growing again, the recovery has been slow. After two years of stagnation, the EU projected in early May that the Irish economy will grow 1.7% this year and by 3% in 2015.