NTMA welcomes Standard & Poor’s upgrade of Ireland’s sovereign debt rating to AA

  • Second upgrade in a month, following Moody’s move to Aa3 in April
  • First upgrade from Standard & Poor’s (S&P) since 2019
  • Move brings Ireland to its highest rating since 2010

19 May 2023 - The National Treasury Management Agency (NTMA) welcomes today’s S&P upgrade of Ireland's sovereign credit rating to AA (from AA-) with a stable outlook.

This is the second upgrade from a major rating agency in a month, following Moody’s upgrade in April.

Today’s upgrade from S&P – the first since 2019 – brings Ireland to its highest rating with any of the main rating agencies since 2010.

S&P also affirmed Ireland’s short-term rating at A-1+.

In making its decision, S&P noted Ireland’s strong fiscal performance underpinned by solid tax revenue growth, which puts the Government’s net debt burden on a steep downward path. It also highlighted the resilience of Ireland’s economic growth.

Frank O’Connor, NTMA Chief Executive, said:

“This upgrade – the second to Ireland’s credit rating in a month – is another positive development. It reflects the strong fiscal performance which in turn is driving continued improvements in Ireland’s debt metrics.

The upgrade puts Ireland at the AA rating with S&P – a level last seen in 2010. It is also the highest current rating for Ireland across all the major global ratings agencies.”

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