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There is some excellent news for the Isle of Man from Moody's Investor Services.
A year ago the leading credit rating agency placed the Island on review for possible downgrade, after the United Kingdom redrew the VAT revenue sharing agreement.
However, Moody's has been impressed by the Manx government's positive response to the cuts of up to 25 per cent in its revenues, and has reaffirmed the Island's 'Triple A' credit rating.
The news comes a couple of weeks after Standard and Poors, another leading credit rating agency, gave the Island a similar vote of confidence.
Treasury Minister Anne Craine is welcoming the rating from Moody's and says both organisations undertook thorough reviews of the Island's financial position, and its response to the recent fiscal challenges.
Mrs Craine is also pleased to note Standard and Poors was confident the Isle of Man 'would move back into surplus by 2013, based on prudent financial policies and stong economic performance'.
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