Press release
Minister Chambers welcomes Morningstar DBRS upgrade of Ireland’s rating to AA
Published on
Last updated on
Published on
Last updated on
The Minister for Finance, Jack Chambers TD, has welcomed the Morningstar DBRS rating agency’s upgrade to Ireland’s Long-Term Foreign and Local Currency – Issuer Ratings to AA from AA (low), with a stable trend.
The upgrade reflects an expectation that Ireland’s strong fiscal position will persist over the medium-term and that the establishment of the two new long-term savings funds (the Future Ireland Fund and the Infrastructure, Climate and Nature Fund) will help manage the risks around windfall tax revenues.
The Minister for Finance, Jack Chambers T.D. said:
“I welcome the announcement by Morningstar DBRS to upgrade Ireland’s Long-Term Foreign and Local Currency – Issuer Ratings to AA from AA (low), with a stable trend. This is a recognition of the fundamental strength of our economy.
However, we know that the very positive headline figures mask underlying risks that we must be cognisant of. The fiscal position remains heavily exposed to volatile ‘windfall’ corporate tax revenues paid by just a small number of highly profitable firms which is why the establishment of the Future Ireland Fund and the Infrastructure, Climate and Nature Fund is such a positive and important development”.
ENDS