ISLE OF MAN: Moody’s Downgrades Isle of Man Rating to Aa2

Monday October 2 2017

Moody’s Investors Service, on October 2^nd, 2017 has downgraded the Isle of Man’s (IoM) long-term issuer and senior unsecured bond ratings to Aa2 from Aa1. At the same time, Moody’s has changed the outlook on the IoM’s rating to stable from negative.

The announcement follows Moody’s recent downgrade of the United Kingdom’s (UK) government rating to Aa2 from Aa1, with a change in outlook to stable from negative. In this context, the downgrade of the IoM’s ratings reflects Moody’s view that the UK’s sovereign credit trend continues to have a significant impact on the IoM’s credit profile, due to the close and material institutional, economic and financial linkages between the two jurisdictions.

The foreign and local currency bond ceilings and the local currency deposit ceiling remain unchanged at Aaa/P-1. The foreign currency long-term deposit ceiling has been lowered to Aa2 from Aaa, and the foreign currency short-term deposit ceiling remains at P-1.

Please click on the above link for more information.