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."