(Reuters) -S&P Global Rankings revised Ireland’s outlook to “certain” from “stable” on Friday, citing unparalleled overperformance in corporate tax receipt collections, whereas gaze agency Fitch affirmed its ratings at “AA” with a “stable” outlook.

“The certain outlook shows the principal fiscal overperformance, in particular driven by company tax receipts, which will more than most likely be rebuilding the Irish government’s fiscal buffers,” S&P acknowledged.

Ireland’s tax series increased by 14.9% within the first 10 months of the year, in contrast with the identical length in 2023, because the first half of a 14 billion euro ($14.74 billion) support-tax windfall boosted already wholesome revenues.

In accordance with Fitch, the nation has a prudent home fiscal framework designed to mitigate dangers from the corpulent and highly-concentrated windfall corporate tax earnings.

An explosion in corporate tax revenues, mainly paid by just a few corpulent U.S. multinationals, has handed Ireland one of Europe’s few budget surpluses, and a one-off series of support taxes from Apple Inc (NASDAQ:) is decided to push that surplus to 7.5% of nationwide profits this year.

S&P estimates the Irish government will dash a fiscal surplus equivalent to 7.4% of nationwide profits, 2.8% moreover for the Apple’s windfall, aloof the good within the eurozone.

Fitch expects Ireland’s budget surplus for 2024 to be 4.3% of imperfect home product — 1.5% moreover for earnings from Apple.

“In our gaze, the federal government’s plans to stash a corpulent half of future surpluses into newly setup financial savings funds will give a steal to Ireland’s fiscal and financial resilience,” S&P added.

S&P affirmed the “AA/A-1+” long- and short-time length ratings for the nation.

Each and each Fitch and S&P upgraded Ireland’s ratings in Might perhaps well perhaps in consequence of its fiscal framework, Temperamental’s (NYSE:) adopted in August with an outlook revision to “certain” and affirmed its ratings.

($1=0.9498 euros)