Credit ratings agency Standard and Poor’s has given Jersey a ‘long-term issuer default rating of AA+’, meaning that the Island has very strong capacity to meet its financial commitments, ahead of moves to take out a £250 million loan to fund the Island’s ten-year house-building programme.
The company also awarded Jersey a short-term rating of A-1+, the highest level for the category.
Treasury Minister Philip Ozouf said it was a positive recognition of the Island’s strong economic position that allowed access to financing for future housing needs.
He insisted that such large-scale borrowing was not an indication of economic weakness, saying that the £250 million was an investment and not a measure to tackle deficits.
