You are here: Isle of Man > Isle of Man News
Isle of Man News
General News
AAA Rating Renewed 21 June 2004

Isle of Man Treasury Minister Allan Bell today welcomed Standard & Poor’s renewal of the Island’s ‘AAA’ long-term sovereign credit and senior unsecured debt ratings. In addition, the short-term sovereign credit rating was reaffirmed as ‘A – 1+’.

The ratings, based on the Island’s robust financial position and stable outlook, reaffirm the Isle of Man’s position as a leading international business centre. Most notably, the Island’s open, export-oriented and increasingly flexible economy was highlighted as a key attribute contributing to the renewal.

Commenting on the announcement, Treasury Minister Allan Bell welcomed the recognition of the Island’s prudent economic policies:

“Standard & Poor’s statement yet again is clear in its confirmation of the Isle of Man’s sound economic position and stable outlook.

“In particular, the strength of the Government’s balance sheet, a reflection of many years of hard work and prudent fiscal policies, was highlighted, in addition to the Island’s open and increasingly flexible economy.

“We are delighted that the Isle of Man’s economic strength has again been endorsed by such an authoritative and independent third party. This underlines the Island’s position as an international business centre with all the fundamentals in place for sustaining success.

"We can look to the future with clarity and confidence – our economy is robust, our regulation of financial services has been commended by the IMF, we have an accepted response to the EU tax package, and we are on course to deliver a standard zero rate of income tax for business in 2006.”

More stories >>>  

Related News Articles
Government acts to protect local economy and jobs 19 April 2013
GOVERNMENT is backing the financial restructuring of a prominent Island business group to help protect the local economy, Chief Minister Allan Bell MHK announced today (Friday April 19, 2013). [More]
DED outlines plans to develop and diversify the economy 28 February 2013
'Agenda for Change – Our Economy’ document publishedThe Department of Economic Development has outlined Government’s strategy to further develop and diversify the Isle of Man’s economy over the coming year. [More]
DCCL continues efforts to meet budget targets 19 February 2013
SummaryA total of 12 managerial and admin posts have been removed saving £350,000 a year. [More]
Budget lays ‘Firm Foundations’ for the future 19 February 2013
GOVERNMENT is on course to rebalance its finances while working to develop the Island’s economy and protect the vulnerable. [More]
DED focuses on job creation and income generation in 2013 19 February 2013
SummaryReal terms economic growth of 3% in 2012/13 and 4% forecast for 2013/14. [More]

Other Guides by Maxima Systems Ltd: Disney World