An upgrade could further reduce the cost of borrowing for the State and semi-state organisations. More Irish bonds than normal traded hands yesterday amid expectations of an upgrade.. Moody's next review is scheduled after the market close this evening. Analyst Ryan McGrath of Cantor Fitzgerald said that "despite the stable outlook, we expect an upgrade by one notch to A3." Moody's did not upgrade Ireland at its last review in September while most other rating agencies have hiked their rating.