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Treasury reviews relationship with Rating Agencies

Tuesday, 18 February 2014

Treasury Minister Eddie Teare MHK has announced today (18 February 2014) that as part of a review of Treasury expenditure he had decided to discontinue the credit rating of the Isle of Man by Standard and Poors. The contract had been subject to an annual payment each February. Treasury will continue to have a credit rating carried out for the Isle of Man Government by Moody’s.

The Treasury Minister said,

“The rating reviews are becoming increasingly expensive and time consuming to administer. I have concluded that we ought not to be paying twice for what is in effect the same service and so I am ending the engagement of Standard and Poors. This will have little noticeable impact, as the Isle of Man has no need to issue any new debt. Guernsey took a similar decision last year.”

The Treasury Minister concluded,

“I am keen to retain an external validation of the management of our public finances and we are committed to continuing to work with Moody’s on our ratings in the future.”

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