FX.co ★ Fitch Affirms Ireland’s Ratings at ‘AA’

Fitch Ratings has reaffirmed Ireland's long-term foreign currency rating at 'AA' with a stable outlook, citing the nation's strong credit fundamentals despite potential risks arising from US policy uncertainties. The rating reflects Ireland's formidable institutions and the second-highest GDP per capita among sovereigns rated by Fitch, even after accounting for the significant influence of multinational enterprises (MNEs) on national economic data. Ireland faces uncertainties related to US trade and tax policies, with 33% of its goods exports directed towards the US. The headline GDP increased by 18.2% in the first half of 2025, largely due to expedited exports to the US in anticipation of tariffs. Fitch forecasts approximately 10% headline GDP growth for 2025, with potential upside from robust MNE exports, while domestic demand is expected to remain strong. S&P has assigned Ireland a credit rating of 'AA' with a positive outlook. Meanwhile, Moody’s latest assessment for Ireland stands at 'Aa3' with a positive outlook, and DBRS has issued a credit rating of 'AA' with a stable outlook for the country.