Chief Minister's verdict on loss of AAA credit rating
Publication Date: Fri, 11 Nov 2011 14:10
The loss of one of the Island's AAA credit ratings isn't a reflection on the Island's performance or government finances according to the Chief Minister.
The Isle of Man's rating from Standard and Poor's has slipped down a notch and is now AA+.
It's said to be because S&P is using new criteria that reflects the inability of small jurisdictions to control their own currency and interest rate.
The Bahamas has also had its rating dropped and it looks set to happen to Guernsey too, according Allan Bell.
He says it won't have a massive effect but he admits the AAA rating looked good.[play media file below]
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Chief Minister Allan Bell
