NTMA welcomes Fitch’s upgrade of Ireland’s sovereign debt rating to AA
- Fitch upgrade to AA from AA- follows outlook change to positive in July 2023
- AA is highest rating with Fitch since 2009
31 May 2024 - The National Treasury Management Agency (NTMA) welcomes Fitch’s upgrade of Ireland's long-term sovereign credit rating to AA with a stable outlook.
This rating upgrade, from AA-, is the first upgrade from Fitch since January 2022 and puts Ireland at its highest rating with Fitch since 2009.
Fitch also affirmed Ireland’s short-term rating at the highest level of F1+.
In making its decision to upgrade, Fitch cited a number of factors as key rating drivers. These include budgetary surpluses, the steady decline of public debt as well as the announcement of the new long-term saving funds – the Future Ireland Fund and Infrastructure, Climate and Nature Fund.
Dave McEvoy, Director of Funding and Debt Management at the NTMA, said:
“This upgrade from AA- to AA is another positive development for Ireland. It is the third upgrade from a major ratings agency in just over a year, following those from Moody’s in April 2023, and Standard & Poor’s the following month.
The AA rating is Ireland’s highest with Fitch since 2009.
Today’s upgrade is underpinned by several key drivers including Ireland’s improved debt position, pre-funded cash balances, long average maturity and low refinancing needs”.