23 November 2015
Standard & Poors (S&P) has affirmed its “AA+ credit rating, with a stable outlook” for the States of Jersey. This is one of the best that the credit ratings service awards.
In its report, S&P noted “The AA+ ratings on Jersey reflect our view of its mature political and institutional setting, flexible policy environment, wealthy economy and a healthy financial position underpinned by low debt and a high net general government asset position.”
The report also states that Jersey “has an open and wealthy economy” and recognised that “Jersey’s economy had grown in real terms in 2014, mainly underpinned by strong profits in the financial services sector".
Treasury and Resources Minister, Senator Alan MacLean, said “It is extremely positive news for Jersey that an international credit rating institution such as S&P continues to recognise our strong Balance Sheet. We have had a full and frank discussion about our fiscal position with them and our future plans have provided the comfort they need to maintain their high rating level. The outlook view remains stable reflecting their expectation that Jersey’s economy will continue to grow.”
The AA+ credit rating was first assigned in November 2013 in order that the States was able to proceed with the £250 million bond earmarked to provide investment in affordable housing over the next 10 years.