Ireland’s credit rating upgraded to AA by S&P

Ireland’s credit rating has been upgraded by the ratings agency, Standard & Poor’s.

Improved ratings by agencies such as S&P help Ireland borrow more easily and at lower rates on international debt markets.

Last month, Ireland’s rating was also upgraded by another agency, Moody’s.

This is the first upgrade from S&P since 2019 and brings Ireland’s credit rating to its highest level since 2010.

Under S&P’s ratings, Ireland is now AA, up from AA-, ‘with a stable outlook’.

This is the third highest possible rating under S&P’s system and is also the highest rating given by any agency to Ireland.

In a statement S&P noted Ireland’s ‘strong fiscal performance’ and its ‘solid tax revenue growth’ which, it says, puts Ireland’s net debt burden on a downward path.

The NTMA’s Chief Executive, Frank O’Connor, said: “This upgrade – the second to Ireland’s credit rating in a month – is another positive development. It reflects the strong fiscal performance which in turn is driving continued improvements in Ireland’s debt metrics.”

Minister for Finance Michael McGrath welcomed the decision and described it as “a further vote of confidence in the Irish economy and the management of the public finances.”

According to the Department of Finance, Ireland now enjoys the same rating as Belgium and France.

Only five eurozone countries – Germany, Luxembourg, Netherlands, Austria and Finland – have higher ratings.

Article Source: Ireland’s credit rating upgraded to AA by S&P – Robert Shortt – RTE

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