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Treasury Minister welcomes unchanged credit rating

Thursday, 29 September 2016

Treasury Minister Eddie Teare has welcomed the announcement this week of the Isle of Man’s unchanged Aa1 credit rating by Moody’s Investors Service.

The Minister said:

‘I am very pleased that this latest report from Moody’s underlines the Island’s Aa1 rating and demonstrates the Isle of Man’s continued and sustained economic success. 

‘Our credit rating was revised from Aa1 stable to Aa1 negative by Moody’s in June this year following the UK’s Brexit vote and their latest report reaffirms that change.  As reported at the time, the change was due to the uncertainty brought about by the Brexit vote for the UK’s future growth prospects – our change mirrored that of the UK and was beyond our control.’  

Mr Teare concluded:

‘Whilst it is undeniable that there are future uncertainties and risks, it is vitally important that the main message from this report is heard. Public finances are strong and the Island can be relied upon by its investors to provide a stable, pro-business environment in which they can flourish.'

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