Treasury Minister Alfred Cannan MHK has welcomed confirmation that the island is to retain its Aa1 negative credit rating.

International credit ratings agency Moody’s has issued a report providing updated analysis of the island’s economic and fiscal position.

It does not change the credit rating, which remains Aa1 negative, the same as the UK’s.

Moody’s notes the resilience and diversity of the Manx 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 said: ’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.’

The island had a triple A credit rating until 2012.

Moody’s annual report on the government’s financial standing is available at https://www.moodys.com. Registration is required.