Moody’s hinted on Friday that it could raise Ireland’s rating to A2 on Friday, raising its outlook to positive and praising the defense agency’s resistance to the Irish economy.
The rating agency indicates that it has decided to upgrade the lot from positive to positive. “Two main factors”. Moody’s quotes, first, “Resistance to shock the Irish economy”, Explains to expect it “Developments related to Brexit, global corporate tax reform or the epidemic of economic progress (not derailed)”. Also, Moody’s expects “The government (remaining) has decided to reduce the debt, thus saving the increase in the economic space recovered in recent years.”
At this point, the long-term debt rating is kept at A2 and is considered stable by the issuer, but this may affect the financial situation.
Global tax reform
The global tax reform of multinational corporations, which gained the political green light in early July on the G20, should now be officially signed, which is likely to upset the Irish economy. The country strongly opposes this, because by offering very low tax rates, it was able to house a European headquarters of a group of American companies, technology and pharmaceuticals that jumped profits during the Pandemic. Thanks to these multinationals, despite the impact of the epidemic, the island was even able to record growth in gross domestic product (GDP) by 2020.
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