Moody's has since issued a new note on Ireland affirming the country's Ba1 rating. It states Ireland's credit strengths as being a business friendly environment with a competitive tax system and a flexible labour market with a highly-skilled workforce. Growth It said that our relatively predictable policy framework, commitment to fiscal consolidation and structural reforms, and our success in achieving all objectives under the fiscal adjustment programme required by the EU/IMF programme, contribute to our strengths. However, Moody's said challenges remain, among them the preservation of the Government's national strength through a phase of low growth. "Moody's would consider a further rating downgrade if the Irish Government does not meet the targeted fiscal consolidation goals. "A further deterioration in the country's economic outlook would also exert downward pressure on the rating as would a further market disruption resulting from an event like a Greek re-default or exit from the euro area."