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Statement by NTMA on Moody’s changed Outlook on Ireland’s Rating

20 September 2013 – The NTMA notes Moody’s decision to change its outlook on Ireland’s sovereign rating to stable from negative. While the NTMA is pleased that the outlook on the rating has been changed it is disappointed that Moody’s did not see fit to upgrade the rating from its current Ba1 sub-investment grade rating to investment grade. 

Moody’s has today produced a ratings range of Baa2 –Baa3 – Ba1 for Ireland (the first two notches are in investment grade and the bottom notch is in sub-investment grade), but has placed Ireland at the bottom of that range. 

Market implied ratings as also published today by Moody’s, based on Ireland’s bond market pricing, point to a rating at the top of that range at a minimum.