The National Treasury Management Agency (NTMA) welcomes today's upgrade by Fitch of Ireland's sovereign credit rating to AA- with a stable outlook.
The upgrade is Fitch’s first since 2017 and returns Ireland to Fitch’s AA rating category for the first time since 2010.
Ireland is now rated in the AA or equivalent category by three of the four major global ratings agencies (Standard & Poor, Fitch and DBRS Morningstar).
In making its decision to upgrade, Fitch cited the continued improvement in Ireland’s tax revenues and the extent of the strong economic recovery from the pandemic shocks.
Fitch also highlighted its expectation that Ireland’s debt to GDP and debt to national income will enter a firm downward trajectory, marking a change from its previous projection that these would remain stable at their current level.
Frank O'Connor, NTMA Director of Funding and Debt Management, said:
“This is Ireland’s second upgrade by a major ratings agency in 2022, following DBRS Morningstar’s upgrade earlier this month. It is welcome news as it reflects Ireland’s strong economic progress and is consistent with international investor sentiment, which remains very positive.
The ongoing trend of improvements in Ireland’s credit ratings is positive for our ability to continue broadening our investor base, which ultimately increases demand for Irish Government bonds and enhances liquidity in our debt issuance.”
