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CREDIT RATING AGENCY Fitch has upgraded Ireland to AA on its metric that gauges the ability of countries to meet their financial commitments and repay long-term debts.
Fitch Ratings, an American credit rating agency, assigns long-term sovereign credit ratings on an alphabetic scale from ‘AAA’ to ‘D’.
Ireland’s rating has risen from AA- to AA.
It’s the country’s highest rating with Fitch since 2009 and the first upgrade since January 2022.
In 2022 and 2023, there were budget surpluses over €8 billion in each year.
Fitch Ratings added that Ireland has a “prudent domestic fiscal framework designed to mitigate risks from the large and highly-concentrated windfall corporate tax revenue”.
However, it noted reliance on corporation tax as a “downside risk” and cautioned that an “OECD agreement on corporate income tax redistribution could lead to a significantly larger fall in windfall tax revenues over the medium term”.
It also said public debt in Ireland has been on a “steadily declining trend, primarily due to sustained budget surpluses”.
And while Fitch Rating points out that the “next government is uncertain”, it adds that we “do not expect a sizeable shift in macro-fiscal policy” despite possible changes to fiscal rules.
The upgrade was welcomed by Finance Minister Michael McGrath, who said it is a “welcome demonstration of the fundamental resilience of our economy”.
However, McGrath acknowledged that there are “still vulnerabilities to address” and noted that public finances “remain exposed to volatile windfall corporation tax, paid by a small handful of highly profitable multinational firms”.
He said this risk will be mitigated by the Future Ireland Fund and the Infrastructure, Climate and Nature Fund, which was noted by Fitch as one of the “key rating drivers”.
The Infrastructure, Climate and Nature Fund will seek to assist with climate change objectives and nature, water quality and biodiversity issues, while the Future Ireland Fund deals with future recognised expenditure pressures including an ageing population and climate change.
Meanwhile, the National Treasury Management Agency said the upgrade is another “positive development for Ireland”.
Dave McEvoy director of funding and debt management at the NTMA, said the upgrade is “underpinned by several key drivers including Ireland’s improved debt position, pre-funded cash balances, long average maturity and low refinancing needs”.
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Congratulations to all involved, it is a wonderful opportunity.
Hmm, that’s what they said about unpaid internships.
@Phillip O’Brien: ya right great on you supporting a cult
@rowan hill: I have the right to my religion, yes.
You might need to check exactly what a “cult” is before using it in ad hominem attacks.
@Phillip O’Brien: Opportunity for what? To kowtow to a corrupt organisation and it’s mealy mouthed leader?
The irony of women doing laundry/ironing for this is beyond comprehension.
@Phillip O’Brien: you need to look up what ad hominem actually means.
@Dave O Keeffe: Apparently giving out about massively wealthy international organisations now qualifies as an “ad hominem” – what a world we live in.
@Dave O Keeffe: No I don’t, there was a statement made against me.
@Phillip O’Brien: cult (noun) – 1. a system of religious veneration and devotion directed toward a particular figure or object. Eh, yeah….
@Phillip O’Brien: no, the comment referred to you as a supporter of the church but referred to the church as a cult.
@Phillip O’Brien:
Yes you do have a right to your religion Phillip. It’s just a pity your chosen religion (The Catholic Church) is the most unchristian organisation on the planet.
@roderick: Need I say more – your comment is proof of what I’m saying.
@Dave O Keeffe: I’d suggest you read the thread again.
@James Joseph Superior Power: That’s certainly not been my experience.
@Phillip O’Brien: But it is the experience of so many who went through rape and abuse or imprisonment in a laundry where their babies were sold or those who didn’t make it in Tuam. You are entitled to your religion but let’s not sugar coat those other experiences
@Phillip O’Brien: Hi Phillip. I took the liberty of getting you a definition.
cult
kʌlt/
noun
a system of religious veneration and devotion directed towards a particular figure or object.
@David Quigley: Thank you. Your definition proves exactly that Roman Catholicism is not a cult.
Many people here are implying that RC is a cult which worships/adores/venerates Pope Francis which is clearly false and an uneducated view.
@Phillip O’Brien: Nah, more like a cult that worships/adores/venerates Jesus of Nazareth.
Unpaid laundry work has a familiar ring to it
Mascot is a sheep….. says it all !
@Hello DAVE!: the flock with the frock.
@Hello DAVE!: it’s all about blindly following….no questions asked, a sheep is the perfect moscot.
That’s why they refer to followers as the flock.
How do the 500,000 reconcile themselves with this? And wait till the Vatican shames and sorrows for the rest off the US, Ireland, the UK, Austrailia and then all the third world countries where these dark sick secrets are still hidden.
Can any of the faithful answer and remember, it’s not a once off….have a look at the 500000 of you in the Phoenix park. The crowd is huge. Please note it’s a safe bet that at least that number of children have suffered from the RCC the last 1000 years.
Please let me know.
@Paul Furey: at least that, worldwide in the last 200 years its likely in the millions that have been abused,
@Barry Somers: the earliest record of a paedophile priest dates from 400AD in the churches own writings. 1600 years of this.
This is like a referendum with thejournal carefully balancing the articles.
@Daveinson: Baa!
@Daveinson: would you rather they wrote articles defending child abuse? Millions abused worldwide, all covered up by the Vatican, what could you possibly put on the other side to balance that out?
@Dave O Keeffe: An opinion piece from an Archbishop saying “yeah but it wasn’t ALL the priests!!!” should do nicely for balance on this terribly nuanced issue…
@ihcalaM: it wouldn’t get past the Vatican because it would have to admit culpability.
@Dave O Keeffe: True. I forgot they were still in the ‘we’re really sorry about all that stuff and by the way we’re still shielding serial abusers’ phase.
@Dave O Keeffe: Is the Pope a Catholic??
@Peter Casey:
He might be Catholic but he is no Christian
Baptised a Catholic, but will not be part of a criminal organization. A religion that has always been a business. Granted the same could be said for all organised religions…. but the fallacy of the Catholic Church is beyond belief.
@Donal Desmond: Are You sure about that Sir? The Mother Church stopped Baptising human beings since well 1944 in english and 1777 in Latin. III. The Spirit of the Age http://ourladyisgod.com/
@Peadar117: I hope you stick around after the visit. You are great craic. Seriously, the sky fairy conspiracies are great.
Sheep outfit. Says it all, really. Waterford Whispers territory.
@Martin Meyler: I’m presuming you’re being sarcastic? You do actually get it?
@Phillip O’Brien: well, duh…
The church’s capacity for irony has never been great.
And if you check the link, the clear aim is to lure in the kiddies. Which, you’d imagine at this stage, they might have copped on as to how that might be perceived.
They should all don sheep outfits.
How are we still so stupid as to still believe in this nonsense?
@Tony Doran: Slowly, but surely, we are overcoming it.
Ironing mammies?? Have we moved on at all? I’ve a feeling we’re not in 1979 anymore
Good to see the Church back in the laundry business.
Some of those Priestly vestments will need a good scrubbing..
Sheep thing is creepy…
Baa baa black sheep have you any wool, yes sir, yes sir, three bags full, one for the master, one for the slave and one for the little boy who lives down the lane…..Hmmmmmm.
The use of the Defence Forces to fill the gaps where insufficient volunteers were available is disgraceful.
The Defense Forces are not volunteers and have been ordered to fill the gaps where the church couldn’t provide. It’s a disgrace.
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