In the wake of a recent decision by the Isle of Man to no longer ask for debt ratings from Standard & Poor’s, claiming the cost of being assessed by different agencies was too much of a burden, this publication has examined the ratings S&P assigns to 10 of the main offshore financial centres around the world.
In February this year, S&P, citing concerns about global pressure on so-called tax havens, cut the Isle of Man’s credit rating from AA+ to AA. Following this development, the government of the island chose to stop paying for an S&P rating, preferring to only use Moody’s, another agency, instead. The IoM’s government has defended its decision following some criticism from the insurance industry.
The development has prompted this publication to set out for the benefit of readers what are the S&P ratings on 10 offshore financial centres. The data here is not in any way meant as an expression of opinion by this news service, but we hope the data is of interest.
Local currency rating =LC Foreign currency rating =FC T&C assessment
Territories not rated by S&P:
Bahamas, Cayman island, Cyprus, Gibraltar, Guernsey, St Kitts and Nevis, Monaco, Isle of Man.