Ratings agency Moody's has sounded a warning note about the threats to the Irish economy from Brexit and the Trump administration.
In a research note the agency said Ireland was the "European country most exposed" to the two factors.
The agency is holding its "A3 positive" rating of Irish Government bonds but says the changing international environment are "key risks" for Ireland's otherwise improving circumstances.
It said that Brexit could be more disruptive to Ireland than initially thought.
A hard exit by the UK from the EU could mean lower export growth and deeper disruption, it said.
While it added that Ireland could benefit from foreign direct investment which would be diverted from Britain, restricted supply of housing meant that Ireland may not be able to fully realise this potential.
Moody's also warned about the negative consequences of reform of US corporation tax.
US President Donald Trump’s administration has promised to cut tax on company profits from 35% to 20%, introduce tax incentives for companies and encourage the repatriation of profits.
While Moody's said it was unclear whether the proposals would be implemented in full it said they would be "detrimental" to Ireland.
Moody's said that data from the Revenue Commissioners showed 60% of corporation tax came from US multinationals.
