Treasury Minister Alfred Cannan MHK has welcomed the annual report on the Isle of Man Government’s financial standing from the international credit ratings agency Moody’s.
The report provides updated analysis of the Island’s economic and fiscal position but does not change the credit rating, which remains Aa1 negative, the same as the United Kingdom’s.
Moody’s notes the resilience and diversity of the Isle of Man’s economy, and its ‘very strong’ public finances. The report identifies the key credit challenge for the Island as the uncertainty created by Brexit.
The Treasury Minister commented:
‘The latest update from Moody’s confirms the good health of the Island’s economy and confidence in very strong public finances. However there is no room for complacency. Looking to the future we need to be mindful of international events and the potential for any knock-on effect on the Isle of Man.’
