November 19, 2019

High credit ratings and stable outlook maintained for the Cayman Islands

0
0



Pin It

209003Moody’s, the international credit rating agency, has maintained Cayman’s Aa3 rating for Government’s bonds issued in a foreign currency, and an Aa2 rating for long-term foreign currency ceiling bonds and notes.

The Minister for Finance and , Hon. stated that “The Government is pleased with the high ratings for the being maintained and that the credit ratings’ outlook, remains stable.” The Minister further stated that, “Moody’s concludes that there is a very low risk of Government imposing limits on its foreign currency debt repayments. Government’s repayment obligations will continue to be met which, undoubtedly, maintains investors’ confidence in these Islands. The sustained excellent ratings by Moody’s signify that public finances in the have been managed prudently.”

Minister Archer continued: “The Government fosters a stable political environment and endeavours to implement prudent fiscal policies and strategies. Our fiscal stance has resulted in high credit ratings which allow these Islands to benefit from low-cost investment financing.”

Moody’s credit opinion outlines that the high ratings reflect a number of important considerations satisfied by the Cayman Islands. These include:

• a very high per capita Gross Domestic Product (GDP) estimated at US$55,751 for 2015, the 13th highest in Moody’s rating universe;
• a comparatively low debt burden with a Debt-to-GDP ratio which continues to trend down, relative to other rated jurisdictions;
• fiscal and debt position is comparatively robust with fiscal surpluses, low levels of debt, high debt affordability, and easy access to finance;
• politically, there is very little risk of a destabilizing event, given strong institutions and the United Kingdom’s fiscal oversight; and
• a very low susceptibility to Event Risk.

Moody’s credit analysis and credit opinion dated 22nd April 2015 and 16th December 2015, respectively, can be found, in full, on the Features section of www.gov.ky

END

: www.todayszaman.com

Print Friendly, PDF & Email
About ieyenews

Speak Your Mind

*