Brexit won't hit Irish credit rating, says agency
Fitch says no change unless economic impact 'severe'
Credit rating agency Fitch says that while
Britain's vote to leave the EU is a negative for Ireland, it is unlikely to have any short-term effect on the country's credit rating. Fitch upgraded its Irish rating to A in February due to a fall in public debt levels.
It warns, however, that a medium-term rating impact would be possible if the economic dislocation of Brexit were to prove severe.
Fitch says Brexit raises risks to Irish growth and creates uncertainty aboutfuture relations with Northern Ireland, adding that the UK accounted for 12.6 per cent of Ireland's total goods exports in the first four months of this year, including almost half of agricultural exports.
