NTMA welcomes Morningstar DBRS upgrade of Ireland’s sovereign debt rating to AA, from AA (low)
- Morningstar DBRS upgrade to AA follows trend change to positive in March of this year
- First upgrade from Morningstar DBRS since January 2022
- Sixth upgrade from credit rating agencies in the past 18 months
20 September 2024 - The National Treasury Management Agency (NTMA) welcomes today’s upgrade from Morningstar DBRS of Ireland's long-term sovereign credit rating to AA with a stable trend.
This rating upgrade, from AA (low), is the first upgrade from Morningstar DBRS since January 2022.
Morningstar DBRS also upgraded both Ireland’s short-term and US$50 billion Euro-Commercial Paper (ECP) Programme ratings to R-1 (high).
In making its decision, Morningstar DBRS cited Ireland’s strong fiscal performance as well as the establishment of two long-term saving funds – the Future Ireland Fund and Infrastructure, Climate and Nature Fund.
Morningstar DBRS also highlighted the expected continued improvement in Ireland’s public debt metrics.
Dave McEvoy, Director of Funding and Debt Management at the NTMA, said:
“This upgrade from Morningstar DBRS is another welcome development as it reflects Ireland’s continued strong economic performance and is consistent with international investor sentiment.
Today’s upgrade is underpinned by a range of factors including the improvement in Ireland’s fiscal position, as well as a favourable debt structure.”