Ireland’s sovereign rating was changed to AA- by the Fitch rating agency.
The improvement sees the state back into the AA category for the first time since 2010.
The National Treasury Management Agency (NTMA) welcomed the news, noting that Ireland is now rated in the AA category or equivalent by three of the four major global rating agencies.
Fitch cited continued improvement in tax revenue and the state’s strong economic recovery during the pandemic as reasons for the upgrade, adding that Ireland should now reduce its debt to GDP and debt to GDP ratio. national income, an improvement on previous projections which indicated that these ratios would remain stable at their current level.
NTMA director of finance and debt management, Frank O’Connor, said the upgrade was “good news as it reflects Ireland’s strong economic progress and is in line with investor sentiment. international markets, which remains very positive”.
“The continued trend of improving Ireland’s credit ratings is positive for our ability to continue to broaden our investor base, which ultimately increases demand for Irish government bonds and improves the liquidity of our debt insurance,” he added.