Island downgrades from Moody's AAA to AA1

Mon, 16 Dec 2013

The Isle of Man’s bond rating has been downgraded.

Moody’s Investors Services dropped it from AAA (TRIPLE A) to AA1 (DOUBLE A PLUS) on Friday.

Treasury Minister Eddie Teare says it’s not unexpected and comes as no surprise given the changing global economic environment.

He says in effect the new rating is the highest available to small jurisdictions such as the Island and the outlook for the new rating is stable.