Government finances remain strong, says Treasury Minister - Standard & Poor’s revise rating methods – “The Isle of Man financial position remains strong”, says Treasury Minister Eddie Teare MHK, “even though a change in methodology has moved Standard and Poor’s to revise the Island’s sovereign rating to AA+, down one notch from the highest AAA rating”. The revision has been driven by a change in how the rating agency assesses the impact of external factors and monetary flexibility on small countries such as the Isle of Man. Minister Teare explains, “This decision doesn’t mean the fundamental strength of the Island’s economy or its creditworthiness has changed. The Standard and Poor’s report maintains its ‘stable’ outlook for our economy and acknowledges that the Isle of Man is characterised by a high income level, strong fiscal balance sheet and political stability.” The Isle of Man’s financial indicators remain strong according to the Minister: “Government is successfully delivering its 5-year rebalancing plan, which is on track. Last month Treasury presented the annual Government accounts which confirmed that the Isle of Man has a revenue surplus of ?10 million against a forecast of ?100,000. At the same time our economy remains resilient with unemployment holding at around 2 percent and the rate of growth for the past financial year estimated to be between 4 and 5 per cent.” Minister Teare adds, “The move to this new method by Standard and Poor’s has similarly affected a number of other countries who have also had their ratings revised.” Ends