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Moody's predicts Brexit impact on Island's finances

Tue, 27 Jun 2017


Credit ratings agency Moody's believes the Isle of Man is facing heightened financial uncertainty as a result of Brexit.

The agency has published its annual update on the Manx Government's finances, leaving the rating unchanged at Aa1 negative - the same rating as the United Kingdom.

The ratings body says the challenge presented by the UK's withdrawal from the European Union is the main reason for the negative outlook.

However, Moody's praised the Government's strong public finances and lack of direct debt outstanding, as well as substantial server funds.

The agency also listed the diversified economy as a strength, but warns there are limits to the ability of a small jurisdiction like the Isle of Man.

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