Just days after Treasury Minister Eddie Teare announced we wouldn’t be using the financial ratings company, Standard & Poor’s has downgraded the Isle of Man.
The firm says our economy is vulnerable to growing regulatory pressure, and has cut the rating from AA+ to AA.
Up until 2011, the company had rated us AAA.
Standard & Poor’s says growing industries such as egaming won’t be able to replace financial business lost through competitive pressures and tighter regulation.
In his budget on Tuesday, Mr Teare revealed the Island would give up its S&P rating and stick to ratings from Moody’s Investors Service – which downgraded the Island in December – from now on.
Outgoing health director delivers parting blow to Island's politicians
EasyJet agrees to £5.7 billion US takeover bid
Repairs and maintenance needed on Great Union Camera Obscura
MNFU president worried about costs facing next generation
