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Citi: Ireland's Backdrop Has Improved, But Upgrade Unlikely

RATINGS

On Friday's ratings reviews, Citi doesn't expect changes to Belgium's AA3 Stable rating by Moody's.

  • They note that while Ireland's AA- Stable is unlikely to be changed by S&P, that's already the highest rating of the three major ratings agencies.
  • While the backdrop has "only improved if anything" since S&P commented in February that "the stable outlook...reflects our view that the adverse economic and budgetary effects of the COVID-19 pandemic will be contained without lasting and structural damage", a ratings upgrade is unlikely at this point.

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