LONDON — The uncertainty caused by Ireland's election result at the weekend will have no immediate effect on the country's high grade sovereign credit rating, S&P Global said on Tuesday, but could lead to higher spending policies. The left-wing Sinn Fein Irish nationalist party stunned the establishment by beating the two centre-right parties that have led every government in Ireland's history and almost doubling its vote share from the last election to 24.5%. Forming a new government could take weeks or months however, as those dominant parties, Fianna Fail and Fine Gael, had vowed during their campaigns not to govern with Sinn Fein, once the political wing of the Irish Republican Army (IRA) guerrilla movement. S&P analysts said in a note that, "at this stage, the outcome of the Feb. 8 election has no immediate effect on our (AA-/Stable) sovereign credit ratings", though they also stated a further election was possible.

Source: International New York Times February 11, 2020 16:07 UTC