Fitch affirms Ireland sovereign debt rating at AA with stable outlook
Fitch Ratings late Friday affirmed Ireland's long-term issuer default rating at 'AA' with a stable outlook, saying the country's exposure to US policy changes has been reduced by the EU-US trade framework and by agreements signed by individual Irish companies.
The Irish economy has high concentration and a "sizeable" exposure to US tax and regulatory changes, Fitch said, particularly for its pharmaceutical companies. However, "US international tax changes appear unlikely to alter incentives to relocate existing production or intellectual property in the near term," the ratings agency said.
On the positive side, Ireland has strong financial institutions, high per-capita gross domestic product, and the Dublin government runs a fiscal surplus.
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