Sean Fleming
Question:50. Deputy Sean Fleming asked the Minister for Finance the efforts being made to secure a revision of Ireland’s credit rating with bond rating agencies; and if he will make a statement on the matter. [41456/13]
View answerThursday, 3 October 2013
Questions (50)
Written answers
The National Treasury Management Agency (NTMA) has responsibility for maintaining a relationship with each of the rating agencies, in connection with Ireland's sovereign credit rating. I am informed by the NTMA that each rating agency visits Ireland at least once a year as part of their formal rating review processes. Meetings are scheduled with all relevant authorities during these visits, including the Department of Finance, NTMA, Central Bank and other public and private sector bodies. The NTMA also makes a detailed presentation to the agencies during its overseas investor visits whenever possible and updates them on a monthly basis (through email and conference calls) on developments in the public finances and the broader economy. Outside these structures, any important information that may influence the credit rating is communicated directly to the agencies by the NTMA. Complementing the NTMA’s activities vis-à-vis the credit rating agencies, myself and officials of my Department avail of any opportunities that present themselves to put Ireland's case to the agencies.
The authorities aim to be as transparent as possible with the agencies in order to ensure that all relevant information is provided to them and that Ireland's positive steps towards improving its creditworthiness are highlighted. As the Deputy may be aware, Ireland's rating has not been downgraded since mid-2011 and over the last 12 months Ireland has been lifted to positive outlook (from stable) by Standard and Poor's and to stable outlook (from negative) by Moody’s, Fitch and R&I. For information, detailed below is a list of Ireland’s current credit rating assigned by all major rating agencies:
Fitch: BBB+, stable outlook
Standard and Poor's: BBB+, positive outlook
Moody's: Ba1, stable outlook
DBRS: A (low), negative trend
R&I: BBB+, stable outlook.
Question No. 51 answered with Question No. 16.