rating agency Moody’s raised Ireland’s long-term sovereign debt note by one notch on Friday, highlighting the “resilience” of its economy.
Note A1, that is, the category of countries whose risks are considered weak, was accompanied by a positive outlook.
“Moody’s decision to upgrade Ireland’s rating to A1 and maintain a positive outlook” reflects the fact that the covid-19 pandemic and exposure to the Russian invasion of Ukraine “have shown that Ireland’s economic resilience has increased”.
In addition, the agency pointed out, “Irish public debt decreased in a context of robust economic growth”, and Moody’s expects this decline to continue in the coming years.
According to the rating agency, the country appears well “placed to withstand the economic downturns of Russia’s invasion of Ukraine” despite uncertainties regarding the impact caused in particular by rising energy prices.
Moody’s underlines that Ireland’s GDP has doubled over the last 10 years and highlights the economic “growth potential” as well as the competitiveness of this country.