S&P Global Ratings upgraded Ireland’s long-term local and foreign currency sovereign credit ratings to ‘AA+’ from ‘AA’ on March 20, 2026, bringing the country’s rating to its highest level since 2009.
The firm likewise affirmed Ireland’s short-term rating at ‘A-1+’, its highest possible level, and restored its ratings outlook to stable from positive. This marks the first upgrade from S&P since May 2023, according to a statement released by the agency.
Several factors contributed to the upgrade, including the State’s strong economic and budgetary performance, strengthening fiscal buffers, and a continued decline in net debt. S&P also cited the favourable structure of Government debt, characterized by its long average maturity and the prevalence of fixed interest rates.
The National Treasury Management Agency (NTMA) welcomed the upgrade. Dave McEvoy, Director of Funding and Debt Management at the NTMA, stated that the upgrade “is another positive development for Ireland,” reflecting positive international investor sentiment and improvements in the country’s debt metrics. He noted that Irish bonds are now trading close to core European sovereign issuers.
The upgrade follows a strong start to Ireland’s 2026 funding program, with €6.25 billion in benchmark bonds issued this year against a total funding range of €10 billion to €14 billion. S&P had placed a positive outlook on its rating in late 2024, signaling a predisposition towards an upgrade, and analysts indicated in January they would produce a decision this year.
S&P is now the leading credit agency with the highest rating on Ireland.
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