"In particular, strong revenue gains have been largely driven by above-expectations corporate tax receipts, which have increased from less than 10% of total revenue in 2014 to 17.2% in 2018, having benefited from the increased presence of multinational corporations. On the other hand, health-related expenditure has consistently exceeded budgeted spending," Moody's noted. "This suggests that volatility in corporate tax receipts could pose a risk to public finances." Moody's said that based on Exchequer calculations, a disorderly Brexit could cause the budget deficit to widen to between 0.5%-1.5% of GDP in 2020. Moody's rates Ireland's sovereign debt as A2 with a stable outlook, saying robust economic growth and prudent policy should yield a further reduction in public debt.