Fitch expected to upgrade Ireland later today

Ratings agency Fitch is expected to publish its latest ratings upgrade on Ireland on Friday evening, on the back of strong economic data.

In its last update in February, Fitch left Ireland’s rating stable at A- with a stable outlook, but Goodbody Stockbrokers economist Dermot O’Leary says a one-notch upgrade is on the cards today.

“With risks around a weaker economic performance domestically, and relating to Greece externally, not materialising, this should add further to the reasons justifying an upgrade,” he wrote in a note on Friday, adding that Fitch is likely to close the gap with other rating agencies given how the Irish economic, fiscal and banking situation has evolved.

In June, S&P upgraded ireland to A+ and Fitch is now two notches behind S&P, rating Ireland the same as Poland and Latvia, while Moody’s has rated Ireland at Baa1, the same as Mauritius and Thailand.