Ireland due for Fitch upgrade but not to AAA rating

Ireland could get another upgrade from the ratings agency Fitch over the medium term if the economy keeps improving, but it will not regain its AAA rating for the foreseeable future.

Fitch upgraded Ireland from negative to stable in November 2012, but a further upgrade hinges on a benign scenario unfolding for the economy, it said.

“Positive rating actions reflect an end to recessions, a move into current account surpluses, a narrowing in budget deficits, enhanced financing flexibility and market access, reduced tail risk of eurozone exits, structural reforms and gains in competitiveness, an easing in banking sector risks and reforms at the eurozone level.”