Ratings agency Fitch has left Ireland's credit rating unchanged at A+ following its latest review, but warns of a range of possible risks to the economy.

It says the country’s sovereign rating is underpinned by strong institutions and per-capita income that’s among the highest in the 'A' rating category, despite the large impact of multinational companies on the national accounts.

"Ireland's governance and human development indicators compare favourably with both 'AA' and 'A' medians," the agency claims in a statement.

"These factors are balanced by still elevated levels of public and private debt, and external vulnerabilities."

Fitch cites the uncertainty around the post-Brexit relationship and possible changes in corporate tax policies, as well as the liberalisation of trade as being among these risks.

However, robust economic growth underlies this, it claims, justifying the stable outlook it has assigned.

It also refers to implications from the recent outcome of the general election.

"The uncertainty surrounding the formation of the government implies some ambiguity over economic policy and budgetary measures beyond 2020," it states.

The agency also points to the public finances which it says indicate a better than expected fiscal position last year driven by an over-performance in tax revenue, particularly from corporation tax, leading to a substantial surplus.

It says the debt-to-GDP ratio fell last year and will fall more this year, but will still remain higher than the median for the A-rating category.

Fitch also noted that multinational activity inflates the GDP level, flattering the ratio.

"Economic sentiment appears to have strengthened since last autumn and business survey data point to a pick-up in the pace of activity," it also says.

"Moreover, downside risks related to a 'no-deal' Brexit have dissipated. We have therefore revised up our projections for GDP growth this year to 3.5% from 3.1% in the last review. We then expect growth of 2.5% in 2021."

Two weeks ago, another ratings agency Moody's also reaffirmed Ireland's credit-rating, but highlighted a range of possible risks to the health of the Irish economy.