Fitch: Apple ruling exposes divisions in coalition

The European Commission’s ruling Apple must pay the State €13bn in back taxes could be mixed news for the country’s debt credit rating, but has exposed divisions in the Fine Gael-led minority Government, Fitch Ratings has said.

Taking the €13bn could “substantially” lower Ireland’s gross debt, but could also spell trouble for the country if the move were to discourage multinationals from investing here, the ratings firm said.

The assessment by Fitch is similar to the one given by S&P Global Ratings, and also chimes with some of the arguments set out by the Government late last week for its decision to appeal the commission’s decision.