Fitch keeps Ireland's credit rating at BBB+

Friday 21 February 2014 08.54
Fitch affirms its credit rating on Ireland with a stable outlook
Fitch affirms its credit rating on Ireland with a stable outlook

Ratings agency Fitch has affirmed its credit rating on Ireland with a stable outlook.

In order to upgrade from its current level of BBB+, Fitch said it would need to have greater confidence that the country's national debt as a percentage of annual economic output is on a definite downward trend.

Risk factors it highlighted include the possibility that weaker-than-expected economic performance would result in further bad debts being built up within the banking system.

However, it added that it assumed no further recapitalisation of the financial sector by the Government will be needed.

The credit rating agency also noted that Ireland had retained many of its structural strengths throughout the crisis. "It is a wealthy, flexible economy and its per capita gross national income was $35,100 in 2013, more than twice the 'BBB' median," it added.