In making their decision to upgrade, DBRS cited Ireland’s macroeconomic resilience in the face of external events.
Whilst Ireland’s general government debt increased as a result of the health crisis, DBRS noted that Ireland’s strong growth and favourable financing conditions should allow the debt ratios restore their downward trend in the years ahead.
The ratings agency also confirmed the short-term foreign and local currency issuer ratings to R-1 (middle).
NTMA Director of Funding and Debt Management Frank O'Connor said:
“This upgrade by DBRS is welcome news and reflects market sentiment and what we are hearing from our engagement with international investors.
We’ve had a strong start to the year with our 10-year syndicated bond deal which raised €3.5 billion from a broad base of investors."
