Moody's Investors Service raised Ireland's debt ratings to Baa3/P-3 from Ba1/NP, citing recent acceleration in economic growth and the government's exit from the euro bailout.

Moody's also changed its outlook for the rating to positive.

"The growth potential of the Irish economy, which together with ongoing fiscal consolidation is expected to bring government debt ratios down from their recent peak," the credit rating agency said. 

Ireland formally exited its 85 billion euro ($115.24 billion) bailout on Dec. 15, having sought the rescue in 2010 after a burst property bubble crippled the country's banks and blew a hole in public finances.