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AA+ credit rating endorses Guernsey’s ‘mainstream position’

28 April 2015

The international credit rating agency, Standard & Poor's, has updated its rating of Guernsey following December's £330 million bond issue for the inaugural States of Guernsey Bond.

Guernsey remains at AA+ (Stable outlook), which represents an excellent assessment. It highlights a number of economic and financial strengths which include the States of Guernsey's revenue flexibility and sizable assets underpinned by the government's robust fiscal position.

AA+ is the highest that a jurisdiction such as Guernsey, without its own currency, can achieve under the ratings methodology.

Dominic Wheatley, Chief Executive of Guernsey Finance, said: "This continued strong rating is consistent with how we see Guernsey's international prospects as a finance centre and endorses the Island's positioning within the mainstream of international finance in terms of regulation, tax transparency and common reporting standards, beneficial ownership, and anti-money laundering and the funding of terrorism. 

"In every aspect of cooperation and compliance with international standards we are in line with the best practice anywhere in the world. We have also maintained both our unique business environment and the ability to do business quickly and securely.  More and more this combination is what clients and their advisers are looking for in an increasingly volatile world and this bodes well for Guernsey's economic future."

Guernsey's Treasury and Resources Minister Gavin St Pier said: "This rating confirms the continued strength and robustness of Guernsey's economy and public finances. S&P's assessment of a wealthy and open economy, accountable institutions and prudent fiscal policies demonstrates that the Island is well positioned to thrive and grow in the years ahead."

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