S&P raises Ireland's rating on stronger economic profile

March 20 - S&P upgraded the rating on Irish sovereign to "AA+" from "AA" on Friday, citing the country's improved resilience to economic and fiscal shocks.

Despite rising global trade protectionism, including from key trading partner and investor, the U.S., Ireland's domestic economy has consistently expanded over the recent years.

"The economy's diversity, the significant fiscal and economic buffers, the sound policy settings, and membership in the EU and the euro area will help authorities shield households and companies from a slowdown in global growth, a withdrawal of foreign direct investment, or deteriorating terms of trade," the global ratings agency said in a statement.

Ireland's central bank raised its forecasts for domestic economic growth in December, saying the impact of U.S. economic policies had been relatively benign and consumer spending was steadier than expected.

The country had in January reported a budget surplus of 12.4 billion euros for 2025, surpassing its October forecast, helped by a surge in corporate tax revenue.

S&P maintained its outlook on the Irish sovereign at stable.

($1 = 0.8643 euros)