No change to Jersey’s S&P credit rating

Tuesday 20 July 2021

Standard & Poor’s credit rating for Jersey is unchanged at AA-/A-1+.

In its latest review, S&P confirmed that there is no change to the long and short-term sovereign credit rating and that 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”.

S&P expects Jersey’s economy to recover by 3.2% this year, driven by the reopening of borders and activity, along with the success of the vaccination programme.  It also notes that the Island’s “sizeable fiscal buffers are an important ratings strength.”

The Minister for Treasury and Resources, Deputy Susie Pinel, said: “I’m pleased that S&P have kept our credit rating unchanged following their review, and have recognised our significant financial reserves.

“Since the start of the pandemic we’ve been very clear that we would protect our reserves and look to borrowing when required through the Revolving Credit Facility to support lives and livelihoods.”