Senator Alan Maclean said it was ‘disappointing’ that the Island’s credit rating has dropped from AA+ to AA but stressed that Jersey still has a strong and stable economy.
Global credit ratings agency Standard & Poor’s has revised its ratings for Jersey, Guernsey and other small sovereign states after it decided that such jurisdictions should not receive the same ratings as larger countries because they are more susceptible to global economic turbulence.
Senator Maclean said on Monday that he was pleased that Jersey has still retained one of the highest possible ratings but he did not accept the rationale behind the change particularly as the Island’s financial position has not changed since its last review in November.
