(Reuters) -S&P Worldwide Ratings revised Ireland’s outlook to “sure” from “stable” on Friday, citing extraordinary overperformance in company tax receipt collections, while spy agency Fitch affirmed its ratings at “AA” with a “stable” outlook.

“The sure outlook reflects the principal fiscal overperformance, in particular driven by corporation tax receipts, which would perhaps perhaps well be rebuilding the Irish authorities’s fiscal buffers,” S&P said.

Ireland’s tax sequence elevated by 14.9% within the major 10 months of the year, when put next with the identical period in 2023, as the major share of a 14 billion euro ($14.74 billion) back-tax windfall boosted already healthy revenues.

In conserving with Fitch, the nation has a prudent domestic fiscal framework designed to mitigate risks from the big and highly-concentrated windfall company tax earnings.

An explosion in company tax revenues, essentially paid by a few vast U.S. multinationals, has handed Ireland one among Europe’s few budget surpluses, and a one-off sequence of back taxes from Apple Inc (NASDAQ:) is decided to push that surplus to 7.5% of nationwide earnings this year.

S&P estimates the Irish authorities will slip a fiscal surplus much like 7.4% of nationwide earnings, 2.8% except for the Apple’s windfall, mute the very excellent within the eurozone.

Fitch expects Ireland’s budget surplus for 2024 to be 4.3% of injurious domestic product — 1.5% except for earnings from Apple.

“In our look, the authorities’s plans to stash a vast share of future surpluses into newly setup savings funds will beef up Ireland’s fiscal and economic resilience,” S&P added.

S&P affirmed the “AA/A-1+” prolonged- and non eternal ratings for the nation.

Each and each Fitch and S&P upgraded Ireland’s ratings in Would possibly well perhaps attributable to its fiscal framework, Sullen’s (NYSE:) adopted in August with an outlook revision to “sure” and affirmed its ratings.

($1=0.9498 euros)