The Treasury Minister says a downgrading of the Isle of Man's government bond ratings from AAA to AA+ is disappointing but not unexpected.
Moody's Investors Services confirmed the move on Friday.
A downgrade had been widely anticipated since Moody's reviewed the Island's rating in the summer.
Two years ago, agency Standard and Poors downgraded the Isle of Man’s status from triple A to double A plus.
Eddie Teare says whilst it's not something he would have wanted, the Island has to be realistic.
Clip 1
"It helped save my life"
Boutique hotel planned for Peel
Former TT rider's family at risk of losing house after rejected insurance pay out
Dog wash machine planned for promenade
