Ireland's sovereign credit rating has been changed to AA- by rating's agency, Fitch.
The improvement sees the State return to the AA category for the first time since 2010.
The National Treasury Management Agency (NTMA) welcomed the news, highlighting that Ireland is now rated in the AA or equivalent category by three of the four major global ratings agencies.
Fitch cited continually improving tax revenues and the State's strong economic recovery during the pandemic as reasons for the upgrade, adding Ireland is now expected to reduce its debt to GDP and debt to national income, an improvement on previous projections which stated these ratios would remain stable at their current level.
The director of funding and debt management at the NTMA, Frank O'Connor said the upgrade was "welcome news as it reflects Ireland's strong economic progress and is consistent with international investor sentiment, which remains very positive".
"The ongoing trend of improvements in Ireland's credit ratings is positive for our ability to continue broadening our investor base, which ultimately increases demand for Irish Government bonds and enhances liquidity in our debt insurance," he added.
