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Jersey Maintains Its Sovereign Credit Rating

by Jason Gorringe, Lowtax.net, London
04 August, 2017

International credit rating agency Standard & Poor's has re-affirmed Jersey's sovereign credit rating as AA-/A-1+ with a stable outlook.

This is one of the highest possible ratings and is largely based on updated information from S&P's last visit to the island, in January of this year, when a team from the firm met politicians, senior civil servants, regulators, and business representatives.

In its report, S&P noted "the island's strong and flexible institutions, wealthy economy, and considerable fiscal buffers." It said the risks to Jersey's financial sector and its fiscal performance will be balanced by its still-significant economic resilience, and that Jersey's fiscal deficit is expected to gradually decline, reaching a balanced position by 2019.

Treasury and Resources Minister Alan Maclean said: "We are very pleased with the outcome of this latest review. It continues to reflect the island's strong economy, healthy reserves, and robust plans to balance our budgets by 2019. We need to be ready for external risks to our economy, but the review has highlighted the value of our flexible institutions in weathering Brexit uncertainties."

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