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Treasury Minister welcomes renewal of Isle of Man's 'AAA' rating 12 July 2005

    TREASURY Minister Allan Bell MHK has welcomed international confirmation of the continuing strength of the Island’s public finances.

    The independent agency Standard & Poor’s has renewed the Isle of Man Government’s top ‘AAA’ international credit rating, taking into account a range of factors including the financial position of the Manx Electricity Authority.

    Said Mr Bell:

    ‘Standard & Poor’s have made it clear that the Isle of Man Government’s balance sheet remains very strong, supported by robust economic growth, with a stable outlook for the future.
    ‘These are recognised international experts confirming the fundamental financial health of the Isle of Man. Their conclusion specifically takes into account the position of the MEA and should help to put that and other challenges into context.
    ‘The MEA situation is unwelcome and an issue of real concern, but it is important to maintain a sense of perspective. As Standard & Poor’s confirm, the finances and economy of the Isle of Man are strong enough for us to deal with this without any threat to our underlying stability.’

    Mr Bell concluded:

    ‘The renewal of the Island’s valuable ‘AAA’ rating - combined with the recent news that our real economic growth rate has exceeded expectations at 6.3 per cent – is a major boost to confidence in the Isle of Man.’

    12th July 2005

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