Treasury Minister Eddie Teare MHK says the decision to revise the Isle of Man’s credit rating comes as no surprise.
Moody’s Investors Service has affirmed the Island’s Aa1 rating, while changing its outlook from ‘stable’ to ‘negative’ in response to the referendum vote in favour of the UK leaving the EU.
The ratings agency said that in its view the Isle of Man’s creditworthiness is strongly linked to that of the UK.
The outlook on the UK’s own credit rating was changed on Monday amid concerns that the referendum result could lead to a deterioration of the UK's economic performance.
Minister Teare said: ‘This revision to our credit rating, following the Brexit result, is not unexpected given that the UK’s rating had already moved. We remain positive given the underlying strength of our diversified economy, as demonstrated through the reaffirming of the Aa1 rating, which I am confident will stand us in good stead for the future.’