Dublin – Fitch Ratings has affirmed Ireland’s long-term foreign currency rating at ‘AA’ with a stable outlook, citing the nation’s strong credit fundamentals and robust institutional framework, despite potential headwinds from US policy uncertainty.

The agency highlighted Ireland’s strong institutions and second-highest GDP per capita among all Fitch-rated sovereigns, even after adjusting for the significant impact of multinational enterprises (MNEs) on national accounts data.

However, Fitch cautioned that Ireland remains exposed to US trade and tax policy shifts, given that 33% of its goods exports are directed to the United States.

Headline GDP grew 18.2% in the first half of 2025, largely due to front-loaded exports to the US ahead of anticipated tariffs. “We forecast around 10% headline GDP growth in 2025, with upside risks from strong MNE exports, while domestic demand remains solid,” Fitch said in its assessment.

Other major credit agencies have also maintained positive assessments of Ireland’s economic position. S&P Global Ratings currently assigns an ‘AA’ rating with a positive outlook, Moody’s holds an ‘Aa3’ rating with a positive outlook, and DBRS Morningstar maintains an ‘AA’ rating with a stable outlook.

Overall, Fitch’s affirmation underscores Ireland’s fiscal resilience and external strength, even as global trade conditions remain uncertain.