Ireland's long-term credit rating has been upgraded by Fitch Ratings to 'AA'.
The Finance Minister Michael McGrath has welcomed the ratings outlook for Ireland's economy to stable.
Fitch cites Ireland’s strong fiscal performance and budgetary framework as key drivers of the upgrade of its credit rating to 'AA'.
Minister McGrath is welcoming the announcement, saying this is a welcome demonstration of the fundamental resilience of our economy and the success of this Government’s balanced and sustainable approach to budgetary policy.
He says the Irish economy is in a good place, and this is reflected in our public finances which remain, at least at the headline level, robust.
However, he says there are still vulnerabilities to address. The country's public finances remain exposed to volatile windfall corporation tax, paid by a small handful of highly profitable multinational firms.
