Jersey's Stable Finances Buoying Credit Rating
by Mike Godfrey, Lowtax.net, Washington
29 May, 2014
Credit rating agency Standard & Poors (S&P) has affirmed Jersey's AA+ credit rating, which it issued in November last year, noting that: "The ratings on Jersey reflect our view of its high wealth, strong fiscal flexibility, and public-policy stability."
The report also states that "broad community and political support for prudent fiscal policies have resulted in balanced budgets on average over the past 10 years."
"The government has also accumulated substantial financial assets that can be drawn-down to support growth during more difficult economic times, such as in the past five years."
Treasury and Resources Minister Philip Ozouf said: "The confirmation of this high quality rating is extremely positive news for Jersey and is a key to our ability to secure that best possible outcome with our forthcoming Sterling Rated Bond issuance to finance our future housing needs. It is also encouraging that S&P have commented in the report that they expect our debut bond issuance to be a success."
"The rating demonstrates that our prudent approach to financial management has set us on the right course and we will look closely at the potential to raise the rating even further in future."
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