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Fitch upgrades Ireland's debt rating to highest since '09

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Ratings agency Fitch has upgraded Ireland's sovereign debt rating to AA.

It is the first upgrade from Fitch in two years and the highest rating it has given to Irish debt since 2009.

It also cited the Government’s new savings funds announced last year which it said would strengthen the public sector balance sheet over the longer term. "The domestic fiscal rule is likely to remain better tailored to the Irish economy than the revised EU rules that will come into effect during 2024."

It also warned that the risks to its macroeconomic forecast are on the downside due to high geopolitical tensions and supply chain vulnerabilities.

 

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