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Teare welcomes Moody's verdict

Island holds on to Aa1 negative rating

The outgoing Treasury Minister says he's encouraged by the Island's latest external credit rating. 

Investors' rating agency Moody's has confirmed the Isle of Man's assessment unchanged at Aa1 negative - highlighting a diverse economy and lack of direct national debt.

The report raises stark warnings, suggesting uncertainty over Brexit, and losses in VAT income, have reduced the Island's financial strength and potential for growth. 

The public sector pensions deficit was widely debated in the run-up to the general election - but Mr Teare says that's not a factor which affects the rating process:

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