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Home Business Financial Services

Brexit blamed for downgrade of Guernsey and Jersey by credit rating agency

January 30, 2018
in Business, Financial Services, Guernsey, Jersey
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Standard and Poor have downgraded their outlook for Guernsey and Jersey from ‘stable’ to ‘negative’ in a move politicians are blaming on Brexit.

The islands retain their ‘AA-‘ long-term credit ratings, but the credit rating agency says both jurisdictions are vulnerable to external events.

Deputy Gavin St Pier, President of Guernsey’s Policy & Resources Committee, said: “The recent report from S&P Global highlights Guernsey’s flexibility and resilience. S&P revised the outlook for both Guernsey and Jersey from stable to negative but made it very clear that it did so as a result of external issues such as Brexit.”

“S&P reaffirmed Guernsey’s credit ratings as AA- (long term) and A-1+ (short term) and commented that the island has strong and flexible institutions, a wealthy economy and a healthy fiscal position overall. It added that government had successfully restrained the growth of public expenditure in the last five years.”

Jersey’s Treasury & Resources Minister, Senator Alan Maclean, said: “S&P revised the outlook for Jersey to negative to reflect external uncertainties, particularly Brexit, and not due to any deterioration in Jersey’s economy. S&P highlights Jersey’s strong and flexible institutions, wealthy economy and considerable fiscal buffers.”

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