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Statement by NTMA on Moody’s Upgrade of Ireland’s Sovereign Credit Rating

16 May 2014 – The National Treasury Management Agency welcomes Moody’s decision to raise Ireland’s sovereign credit rating by two notches to Baa1 (from Baa3) with a stable outlook.

NTMA Chief Executive John Corrigan said: “Moody’s upgrade means that all of the three main rating agencies now have Ireland rated at BBB+ (or equivalent), which clearly ranks Ireland as an investment-grade credit and reflects the confidence in Ireland shared by investors generally. It is also positive for the remainder of the NTMA’s funding programme in 2014 which is already more than 80 per cent achieved. I am pleased to note that one of the main drivers for today’s upgrade was the sharp reduction in Government contingent liabilities due in part to the accelerated asset sales by NAMA.”