28/06/2016

Ireland Resilient Against Negative Impact Of Brexit - S&P

The UK's decision to leave the European Union will have "no immediate impact" on Ireland's sovereign ratings, ratings agency S&P Global Ratings has said.

Following the result of the EU membership referendum in the UK, S&P confirmed that Ireland is rated as investment grade.

The ratings agency did highlighted that while there will be negative effects it said that it believes "Ireland is resilient".

In forming their opinion on Ireland's resiliency they cited in particular "Ireland's strong institutions, predictable policy making, and improving external balance sheet."

Speaking in Government Buildings, Minister for Finance, Michael Noonan, said: "I welcome the assessment today by S&P Global Ratings that Ireland is resilient and that there is no immediate impact on the sovereign ratings of Ireland. This assessment is in line with my own advice that I communicated to cabinet this morning.

"As I mentioned earlier today, the prudent economic and fiscal policies implemented over recent years have placed the State in a stronger position to weather economic shocks that may be caused by this result."

(MH)

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