Treasury has welcomed the periodic review on the Isle of Man Government’s financial standing from the international credit ratings agency Moody’s.
The report provides updated analysis of the Island’s economic and fiscal position and sees the Island’s credit rating and outlook remain at Aa3 stable, the same as the United Kingdom.
Moody’s notes the Island’s credit strength, diverse economy and substantial reserves in the Credit Opinion Update report.
Pragmatic policy-making is also highlighted as a particular strength, along with a prudent and forward-thinking fiscal approach.
Credit Rating Maintained
While challenges are identified in terms of being vulnerable to global economic volatility, the report remarks on the Island’s robust recovery since 2021 and highlights the Economic Strategy’s plan to leverage investment of £1 billion domestically over 10-15 years.
Treasury Minister Dr Alex Allinson MHK said: “I welcome the latest review from Moody’s which, as always, provides a thorough independent assessment of the Isle of Man’s economic position.
“The Treasury’s efforts to reduce a reliance on reserves in recent years is acknowledged and this remains a key priority as we approach February’s Budget announcements.
“The Island isn’t alone in facing sustained financial challenges, particularly around the rising cost of health and social care.
“We are, however, able to continue working from a firm economic base — as the report makes clear — with the forecast of positive economic growth and a resilient and diverse economy.”
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