Standard & Poor’s (S&P) has confirmed that Guernsey’s credit rating remains at “AA+”, the highest rating the jurisdiction can achieve.
According to S&P, Guernsey has a wealthy and open economy generally strong institutional environment, and robust fiscal position based on a prudent fiscal framework and sizeable government assets.
Dominic Wheatley, chief executive of Guernsey Finance, commented: “Guernsey’s strong rating is evidence of our secure financial environment, which clients and their advisers are increasingly looking for. It also reinforces the island’s position within the mainstream of international finance.”
Guernsey’s treasury and resources minister Gavin St Pier, added: “This decision is a strong public affirmation of Guernsey's fiscal and economic stability and strength.”
“It is also confirmation that the rating agency considers that Guernsey’s prosperity alongside effective and predictable policy setting justifies the highest rating that it is possible for Guernsey to obtain. Standard & Poor’s cites the robust fiscal position, with liquid assets amounting to 112 percent of GDP, as supporting the position.”
He added: “We will work with them in order to understand how any such technical changes might impact Guernsey's future credit ratings ahead of next year's assessment. In the meantime their decision to maintain Guernsey's credit rating at ‘AA+’ is a very positive development.”
