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Minister Noonan welcomes S&P’s endorsement of Ireland
The ratings agency S&P Global Ratings has today issued an opinion that the decision of the UK to leave the European Union has no immediate impact on Ireland’s sovereign ratings. Accordingly, S&P have confirmed that Ireland is rated as investment grade.
S&P Global Ratings have highlighted that there will be negative effects but feel that Ireland is resilient. In forming their opinion on Ireland’s resiliency they cited in particular “Ireland's strong institutions, predictable policy making, and improving external balance sheet.”
Speaking in Government Buildings today the Minister for Finance, Michael Noonan T.D. said:
“I welcome the assessment today by S&P Global Ratings that Ireland is resilient and that there is no immediate impact on the sovereign ratings of Ireland. This assessment is in line with my own advice that I communicated to cabinet this morning.”
“As I mentioned earlier today, the prudent economic and fiscal policies implemented over recent years have placed the State in a stronger position to weather economic shocks that may be caused by this result.”