NTMA welcomes Fitch's upgrade of Ireland's sovereign credit rating to A+, stable outlook

15 December 2017 - The National Treasury Management Agency (NTMA) welcomes today's upgrade by Fitch ratings agency of Ireland's sovereign credit rating to A+ with a Stable outlook.

Fitch also upgraded the short-term rating to F1+.

Among the factors cited by Fitch are the significant reduction in Ireland's annual debt service costs (which the NTMA has estimated have fallen to below €6bn from previous forecasts of €10bn), strong progress in restoring the banking system to sustainability and favourable developments in eliminating contingent liabilities of the State.

NTMA Director of Funding and Debt Management Frank O'Connor said:

"This is the second major ratings agency upgrade for Ireland in the past 3 months. It reflects the significant and sustained improvements in Ireland's fiscal position and the extent of the reduction in Ireland's borrowing costs.

This upgrade cements Ireland's position as a semi-core Eurozone issuer and is a favourable development that will be positive for our borrowing programme."

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