Jersey’s credit ratings issued by Standard & Poor’s (S&P) are unchanged at AA-/A-1+.
In its latest review, S&P confirmed that the long and short-term sovereign credit ratings are unchanged and the outlook for Jersey remains stable.
The review is part of the cyclical six-monthly assessment process and in its report S&P notes that its ratings are based on Jersey’s “strong and flexible institutions, wealthy economy and considerable fiscal buffers”. It also projects that Jersey’s economy will recover by 3.2% in gross value added (GVA) in 2021 as the vaccination programme is rolled out and activity that has been paused restarts.
The Minister for Treasury and Resources, Deputy Susie Pinel, said:
“We are pleased that our credit ratings remain unchanged, and that S&P recognises the value of Jersey’s policies, aimed at helping economic activity to recover.
“We are, however, very aware that in responding to the current health emergency and the impact this has had on our economy, we will be running deficits over the next few years, although these deficits will be offset by returns on our significant assets.”
Joe Moynihan, CEO of Jersey Finance, added:
“This rating is a positive endorsement of Jersey’s economic position and our stability and resilience, as we continue to navigate these extraordinary times”.