IoM Retains 'AAA' Rating

by Jason Gorringe, Tax-News.com, Brussels

12 July 2007

Standard and Poor's, the external ratings agency, have confirmed that the Isle of Man has retained its ‘AAA’ rating, the highest rating awarded.

In its report, Standard and Poor's refers to the Island's “very strong credit standing” and the “proactive Government policy of promoting high value added industry”.

It also noted that the Isle of Man has outperformed other ‘AAA’ jurisdictions such as Singapore, Bermuda, Luxembourg and the United Kingdom in respect of its growth during the last five years.

The Treasury Minister, Allan Bell MHK, reacted to the announcement by stating:

“It is always welcome to receive external confirmation that the Island’s economy is in good shape."

"The Isle of Man represents a great place to do business. We expect that confirmation of the rating will continue to attract potential investors to the Island and give further boost to our dynamic economy.”

Last year, the Manx government announced that the Island's economy grew for the 22nd consecutive year in 2004/5, by 5.2% in real terms. The Island’s GDP or Gross Domestic Product, equalled GBP1.5bn (US$2.8 billion), an increase of 11.5% compared to the previous year, and 5.2% after inflation.

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