NTMA welcomes Moody’s upgrade of Ireland’s sovereign debt rating to Aa2
- First upgrade from Moody’s since April 2023
- Upgrade returns Ireland to Moody’s Aa2 rating for the first time since 2010
- Moody’s maintains Ireland on positive outlook
21 August 2026 – The National Treasury Management Agency (NTMA) welcomes Moody’s upgrade of Ireland's long-term sovereign credit rating to Aa2 (from Aa3). This is the first upgrade of Ireland’s rating from Moody’s since April 2023 and is the first time that Moody’s has rated Ireland at Aa2 since 2010.
Moody’s has also maintained the positive outlook on Ireland’s rating.
Aa2 is Moody’s third-highest rating, after AAA and Aa1.
Moody’s also affirmed Ireland’s short-term (commercial paper) rating at the highest level of P-1.
In making its decision to upgrade and maintain a positive outlook, Moody’s cited several factors. These include sustained improvements in Ireland’s economic and fiscal strength, the outperformance in expectations for debt reduction, the substantial stock of financial assets, as well as the long average maturity of debt.
Dave McEvoy, Director of Funding and Debt Management at the NTMA, said:
“Today’s upgrade from Moody’s returns Ireland to the Aa2 rating for the first time since 2010. In a further noteworthy development, Moody’s has maintained the positive outlook on Ireland’s rating.
This upgrade is underpinned by a range of factors, including further improvements in Ireland’s debt metrics. It also reflects positive international investor sentiment, as evidenced by the continued strong demand for Ireland’s debt.
With €9.5 billion of benchmark bonds issued so far this year, from a total funding range of €10 to €14 billion, we are well positioned heading into the final months of the year.”