"Over the medium term, we expect that the Isle of Man's very strong credit standing will remain secure against almost all foreseeable downside economic, political, and financial risks," Standard & Poor's reportedly announced, adding that:

"The ratings are supported by the Isle's open, export-oriented economy, increasingly specialized in high value-added activities."

The Isle of Ma's Treasury Minister, Allan Bell MHK, welcomed the announcement, stating that:

“Despite the current volatility in world markets, the Isle of Man continues to demonstrate that it is a world class jurisdiction in which to do business.”