Ireland remains in a challenging position even after laying out plans to raise as much as €3 billion through State asset sales, rating agency Moody's said.

"Even with the benefits arising from the privatisation plans, Ireland remains in a challenging position," the agency aid in its weekly credit outlook report, calling the plans "credit positive".

"The sovereign continues to confront a high debt load, a large fiscal deficit, and subdued economic growth. Moreover, the sale of the state assets has implementation risks, among them the economic environment, regulatory restrictions and political resistance."

Bloomberg