Island loses AAA credit rating

Fri, 11 Nov 2011

The Isle of Man has lost its AAA credit rating from Standard and Poors.

The US financial services company rates countries based on calculations to show how creditworthy they are.

The Island has now slipped one notch down from the highest possible rating, with a AA+.

However, The Isle of Man Government says the reason for the fall is due to a change in the way S&P caculates the impact of external factors on small countries like ours.

Treasury Minister Eddie Teare says it doesn't mean the strength of the Island's econony or creditworthyness has changed.

The Standard and Poors' report maintains the stable outlook for our econony and acknowledges the Isle of Man's high income level, strong fiscal balance sheet and political stability.