S&P Global Ratings hints at Irish upgrade if UK stays in EU

Disappointing some expectations, S&P Global Ratings — the new name for Standard & Poor’s — left its ratings unchanged for Ireland yesterday, citing the potential washback on the Irish economy should the UK decide to leave the EU in the referendum that takes place in less than three weeks.

In its latest rating review, S&P, however, dropped a large hint that it is minded to upgrade the country in the not too distant future should a number of risks, including that of the UK pulling out of the EU, not occur.

In leaving the rating at an A+, with a stable outlook, “balances our view of upside potential for the ratings if Ireland’s fiscal position continues to improve against risks associated with external factors such as a potential Brexit, or weaker global demand”.