Fitch Affirms Ireland’s Ratings at ‘AA’

Fitch Ratings affirmed Ireland’s long-term foreign currency rating at ‘AA’ with a stable outlook, citing strong credit fundamentals despite risks stemming from US policy uncertainty. The rating is supported by strong institutions and the 2nd-highest GDP per capita among Fitch-rated sovereigns, even after adjusting for the large impact of multinational enterprises (MNEs) on national accounts data. Ireland faces uncertainty regarding US trade and tax policies, as 33% of its goods exports were directed to the US. Headline GDP rose 18.2% in H1 2025, reflecting front-loaded exports to the US ahead of tariffs. “We forecast around 10% headline GDP growth in 2025, with upside risks from strong MNE exports, while domestic demand remains solid,” Fitch said. S&P’s credit rating for Ireland stands at ‘AA’ with a positive outlook. Moody’s credit rating for Ireland was last set at ‘Aa3’ with a positive outlook, while DBRS’s credit rating for Ireland was last reported at ‘AA’ with a stable outlook.