Jersey's credit rating is re-affirmed

21 November 2014

The States of Jersey’s international credit rating by Standard & Poor’s (S&P) has today been re-affirmed as one of the best that the credit ratings service awards.

Standard & Poor’s Rating Services has affirmed its initial credit rating of ‘AA+ / A-1+ long and short-term sovereign credit rating with a stable outlook’ including its highest level ‘short-term rating of A-1+’.

The credit rating was first assigned in November 2013, after the States decided to proceed with the borrowing proposed in Budget 2014 for a £250 million bond to fund affordable housing refurbishment and construction. The rating process is now repeated annually with an update every six months.

The Treasury and Resources Minister, Senator Alan Maclean, said: “This is fantastic news for Jersey.  Retaining such an exceptionally high quality credit rating is very important and demonstrates the positive view of the island internationally.

“Maintaining this rating comes as Jersey continues to demonstrate a high level of credit quality, an ability to flex its financial policies and stable government. We must send a clear message that Jersey is open for business and we will continue to seek opportunities to grow and diversify our financial services sector.”

In its report, S&P noted “Jersey has mature political and institutional settings, transparent economic decision-making, and high fiscal flexibility.

“Whilst these strengths are moderated by Jersey’s dependence on its financial services sector it has an open and wealthy economy.”