S&P upgrades Ireland's debt rating even in face of Brexit risks

The nation's economy grew at a pace of 5.8 per cent year-over-year in the second quarter of 2019 and data for the third quarter are due in December

Ireland had its credit score boosted on Friday by S&P Global Ratings, which said the nation’s economy should remain competitive and attractive to foreign investors even if its nearest neighbour, the UK, tumbles out of the European Union without an exit agreement.

“The government has amassed substantial fiscal buffers to offset the risk of an external shock, such as a sudden falloff in corporate tax receipts or a no-deal Brexit,” S&P said in a statement. “Irish growth and employment outcomes continue to rank among the strongest in the developed world.”

The credit assessor lifted Ireland’s rating to AA-, its fourth-highest score, and