On Air Mannin Line Andy Wint | Noon - 1:00pm

No Manx dividend from UK credit rating loss

The Isle of Man cannot expect to benefit from the UK's loss of its AAA credit rating, according to Treasury minister Eddie Teare.

The rating assesses the credit worthiness of a corporation or government based on its handling of debt issues.

Ratings agency Fitch last week announced it was considering downgrading the UK after Chancellor George Osborne admitted in his Autumn Statement he will not meet his target to reduce debt as a percentage of GDP by 2015-16.

The Island was downgraded to AA+ last November by the agency Standard and Poor's.

Mr Teare says the Isle of Man is still triple-A rated by one agency and the United States lost it's top rating just before the Manx government:

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