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Fitch to upgrade Irish economy outlook

Friday, August 15 13:00:46

Global ratings agency, Fitch, is being tipped to upgrade Ireland's economic forecast today, with the cost of Irish sovereign borrowing falling to new lows ahead of the expected announcement.

Irish 10-year bond yields hit a new record low of 1.99pc this morning as markets factored in the expected upgrade.

Austin Hughes, chief economist with KBC Bank, said the bond move is reflective of both the way the international environment is pushing towards lower rates because of weak recovery, and the extent that the Irish economy is showing momentum, with "fiscal metrics which almost look too good to be true".

"First and foremost it's about global trends but there is also a strong sense thatIreland's relative position is notably better and is likely to remain so," he said.

Fitch is due to deliver its latest review of Ireland today, and may revise its ratings upwards. In a note this morning, Cantor Fitzerald said the Irish economy has made "substantial progress” and it "fully expects" an upgrade to A- later today.

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