TREASURY Minister Eddie Teare has welcomed news that the island has retained its AA+ credit rating with Standard and Poor’s.
Affirming our AA+ status, the ratings agency cited the island’s ‘stable outlook’, which it said was supported by high per capita income, strong government balance sheet and consensus-based policymaking.
Mr Teare said: ‘I’m delighted they have felt able to confirm our AA+ rating and also said our outlook is stable.
‘This is an independent assessment of the work the government is doing to maintain the island’s economic health.’
Standard and Poor’s said the stable outlook reflected its view of the balance of risks between the strength of the government’s balance sheet and its external vulnerabilities, which could emanate from potential problems of offshore parents or changes in international regulations.
The island lost is AAA credit with rating with S&P 12 months ago, a move that following criticism in the American media that we had a better rating that the United States which was downgraded two months earlier.
We retain a triple A rating with a second ratings agency, Moody’s.