Press Release|Sovereigns

KBRA Affirms AA/K1+ Ratings for the Republic of Ireland; Outlook Stable

26 Apr 2024   |   Dublin


KBRA Europe (KBRA) affirms the Republic of Ireland’s long-term issuer ratings of AA. KBRA also affirms the short-term issuer ratings of K1+. The Outlook on the long-term ratings is Stable.

The affirmation of the credit ratings reflects Ireland's high-income, advanced, competitive and institutionally robust economy, which is characterised by a prudent policy framework, favourable business environment, competitive corporate tax regime and euro area membership. KBRA also acknowledges the dramatic improvement in the sovereign’s fiscal position and debt metrics. Despite downward pressure on growth, stemming from the relatively high cost of living, lower external demand, geopolitical uncertainty and tighter credit conditions, the outlook for the Irish economy is strong, in KBRA's view. New sovereign wealth funds offer the fiscal flexibility to respond to shock, initiate capital investment, or cope with looming expenditure pressures, such as climate change and pensions.

To access rating and relevant documents, click here.

Click here to view the report.



Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at

There are certain issuers, entities or transactions rated by KBRA Europe or KBRA UK that may be or have relationships with Shareholders and/or Shareholder-Related Companies, as that term is defined in KBRA’s Shareholder and Shareholder Related Companies for KBRA Europe and KBRA UK Policy and Procedure. Relevant disclosure information may be found here.

About KBRA Europe

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider. Kroll Bond Rating Agency Europe is located at 6-8 College Green, Dublin 2, Ireland.

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