Moody's credit rating keeps Island 'Aa3 stable'

Treasury Minister welcomes 'independent snapshot' of Island's economy

International credit agency Moody's has held the Island's rating as Aa3 - the same as the UK - after its latest annual report.

The updated analysis of the Island's economic and fiscal position notes the Island's low debt and substantial reserves, and recognises the challenge faced in strengthening the workforce.

Obtaining a good rating from Moody's and other international agencies is seen as a critical element in attracting new business to a jurisdiction.

The latest Isle of Man analysis has been welcomed by Treasury Minister Alex Allinson. He says it provides a positive independent snapshot of the Island's economy, assessing clearly what government is doing well and where challenges may arise.

Along with access to skills within the workforce Moody's highlights the threat to the Island of global political uncertainty and market volatility.

But there is recognition of what the agency calls the Island's robust and transparent institutional framework in terms of governance, in addition to pragmatic policy-making and prudent fiscal policy.