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S&P Reaffirms AAA Credit Ratings For Isle Of Man

by Jason Gorringe, Tax-News.com, London

22 June 2004

Isle of Man Treasury Minister Allan Bell on Monday welcomed Standard & Poor’s renewal of the Island’s ‘AAA’ long-term sovereign credit and senior unsecured debt ratings which also reaffirmed the jurisdiction’s ‘A – 1+’short-term sovereign credit rating.

The ratings, based on the Island’s robust financial position and stable outlook, reaffirm the Isle of Man’s position as a leading international business centre. Most notably, the Island’s open, export-oriented and increasingly flexible economy was highlighted as a key attribute contributing to the renewal.

Standard & Poor’s credit analyst Eileen Zhang observed: “Although the EU Savings Tax Directive — which is expected to come into effect in 2005 — will have a negative impact on the Island's financial sector, policy-makers are well-placed to manage any political, fiscal or economic repercussions.”

S&P also noted that the island’s close economic and financial links to the UK will enable the jurisdiction to weather any external shocks without placing a major strain on the financial services industry.

“We are delighted that the Isle of Man’s economic strength has again been endorsed by such an authoritative and independent third party. This underlines the Island’s position as an international business centre with all the fundamentals in place for sustaining success,” commented Mr Bell. He added:

“We can look to the future with clarity and confidence – our economy is robust, our regulation of financial services has been commended by the IMF, we have an accepted response to the EU tax package, and we are on course to deliver a standard zero rate of income tax for business in 2006.”

http://www.iomonline.co.im/ViewArticle2.aspx?SectionID=872&ArticleID=809827

 

 






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