Isle of Man, Government of — Moody’s – Isle of Man’s credit profile supported by high wealth levels, economic resilience and strong public finances – Yahoo Finance

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<p style=”position:absolute;top:155px;left:108px;white-space:nowrap” class=”ft00″><b>Research Announcement:&#160;</b></p>

<p style=”position:absolute;top:155px;left:364px;white-space:nowrap” class=”ft01″><b>Moody’s – Isle of Man’s credit profile</b></p>

<p style=”position:absolute;top:180px;left:108px;white-space:nowrap” class=”ft01″><b>supported by high wealth levels, economic resilience and strong public</b></p>

<p style=”position:absolute;top:204px;left:108px;white-space:nowrap” class=”ft01″><b>finances</b></p>

<p style=”position:absolute;top:240px;left:108px;white-space:nowrap” class=”ft02″>Paris, July 28, 2020 –</p>

<p style=”position:absolute;top:281px;left:108px;white-space:nowrap” class=”ft05″>»&#160;Coronavirus pandemic will have a large but transitory adverse economic impact<br/>»&#160;Absence of outstanding direct debt is a key credit strength for the island</p>

<p style=”position:absolute;top:347px;left:108px;white-space:nowrap” class=”ft02″>The credit profile of the Isle of Man (IoM, Aa2 negative) reflects the island’s high levels of wealth,</p>

<p style=”position:absolute;top:367px;left:108px;white-space:nowrap” class=”ft02″>economic resilience and the government’s very strong public finances, Moody’s Investors Service</p>

<p style=”position:absolute;top:386px;left:108px;white-space:nowrap” class=”ft06″>said in an annual report today.<br/>The island’s other credit strengths include its robust institutions, a prudent approach to managing</p>

<p style=”position:absolute;top:436px;left:108px;white-space:nowrap” class=”ft02″>government finances that has resulted in large fiscal buffers and its relatively diversified economy.</p>

<p style=”position:absolute;top:456px;left:108px;white-space:nowrap” class=”ft02″>However, the coronavirus shock will have a large negative, albeit transient, impact on the economy</p>

<p style=”position:absolute;top:475px;left:108px;white-space:nowrap” class=”ft06″>and public finances.<br/>“The Isle of Man’s material linkages with the UK leave its credit profile exposed to the deterioration</p>

<p style=”position:absolute;top:525px;left:108px;white-space:nowrap” class=”ft02″>of the UK’s creditworthiness and the impact of Brexit,” said Sarah Carlson, a Moody’s Senior Vice</p>

<p style=”position:absolute;top:544px;left:108px;white-space:nowrap” class=”ft02″>President and the report’s author. “While offshore financial services are now less important to the</p>

<p style=”position:absolute;top:564px;left:108px;white-space:nowrap” class=”ft02″>economy, the island remains vulnerable to global and regional tax coordination efforts that could</p>

<p style=”position:absolute;top:583px;left:108px;white-space:nowrap” class=”ft06″>adversely affect the sector.”<br/>Upward pressure on the IoM’s rating is unlikely over the medium-term, given the negative outlook</p>

<p style=”position:absolute;top:633px;left:108px;white-space:nowrap” class=”ft02″>and the credit challenges the UK faces. The structural shift in the international political and economic</p>

<p style=”position:absolute;top:653px;left:108px;white-space:nowrap” class=”ft06″>climate for offshore centres also makes upward movement of the rating unlikely.<br/>Given the links between the IoM and the UK, a downgrade of the UK’s sovereign rating would likely</p>

<p style=”position:absolute;top:703px;left:108px;white-space:nowrap” class=”ft02″>put pressure on the island’s rating. Downward pressure on the rating would also develop if Moody’s</p>

<p style=”position:absolute;top:722px;left:108px;white-space:nowrap” class=”ft06″>were to observe a material deterioration in the IoM’s economic or fiscal position.<br/>Subscribers can access the report at:&#160;</p>

<p style=”position:absolute;top:752px;left:372px;white-space:nowrap” class=”ft04″>http://www.moodys.com/researchdocumentcontentpage.aspx?</p>

<p style=”position:absolute;top:772px;left:108px;white-space:nowrap” class=”ft04″>docid=PBC_1237585</p>

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<p style=”position:absolute;top:880px;left:108px;white-space:nowrap” class=”ft06″>us at mediarelations@moodys.com or visit our web site at www.moodys.com.<br/>This publication does not announce a credit rating action. For any credit ratings referenced in this</p>

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<p style=”position:absolute;top:930px;left:701px;white-space:nowrap” class=”ft02″>&#160;for the most</p>

<p style=”position:absolute;top:949px;left:108px;white-space:nowrap” class=”ft06″>updated credit rating action information and rating history.<br/>Sarah Carlson, CFA</p>

<p style=”position:absolute;top:999px;left:108px;white-space:nowrap” class=”ft02″>Senior Vice President</p>

<p style=”position:absolute;top:1019px;left:108px;white-space:nowrap” class=”ft02″>Sovereign Risk Group</p>

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<p style=”position:absolute;top:250px;left:188px;white-space:nowrap” class=”ft04″>www.moodys.com</p>

<p style=”position:absolute;top:250px;left:315px;white-space:nowrap” class=”ft02″>&#160;under the heading “Investor Relations — Corporate Governance —</p>

<p style=”position:absolute;top:270px;left:108px;white-space:nowrap” class=”ft07″>Director and Shareholder Affiliation Policy.”<br/>Additional terms for Australia only: Any publication into Australia of this document is pursuant to the</p>

<p style=”position:absolute;top:312px;left:108px;white-space:nowrap” class=”ft02″>Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited</p>

<p style=”position:absolute;top:332px;left:108px;white-space:nowrap” class=”ft02″>ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136</p>

<p style=”position:absolute;top:351px;left:108px;white-space:nowrap” class=”ft02″>972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale</p>

<p style=”position:absolute;top:371px;left:108px;white-space:nowrap” class=”ft02″>clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access</p>

<p style=”position:absolute;top:390px;left:108px;white-space:nowrap” class=”ft02″>this document from within Australia, you represent to MOODY’S that you are, or are accessing</p>

<p style=”position:absolute;top:410px;left:108px;white-space:nowrap” class=”ft02″>the document as a representative of, a “wholesale client” and that neither you nor the entity you</p>

<p style=”position:absolute;top:429px;left:108px;white-space:nowrap” class=”ft02″>represent will directly or indirectly disseminate this document or its contents to “retail clients” within</p>

<p style=”position:absolute;top:449px;left:108px;white-space:nowrap” class=”ft02″>the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as</p>

<p style=”position:absolute;top:468px;left:108px;white-space:nowrap” class=”ft02″>to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or</p>

<p style=”position:absolute;top:488px;left:108px;white-space:nowrap” class=”ft07″>any form of security that is available to retail investors.<br/>Additional terms for Japan only: Moody’s Japan K.K. (“MJKK”) is a wholly-owned credit rating agency</p>

<p style=”position:absolute;top:530px;left:108px;white-space:nowrap” class=”ft02″>subsidiary of Moody’s Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc.,</p>

<p style=”position:absolute;top:550px;left:108px;white-space:nowrap” class=”ft02″>a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating</p>

<p style=”position:absolute;top:569px;left:108px;white-space:nowrap” class=”ft02″>agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization</p>

<p style=”position:absolute;top:589px;left:108px;white-space:nowrap” class=”ft02″>(“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-</p>

<p style=”position:absolute;top:608px;left:108px;white-space:nowrap” class=”ft02″>NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated</p>

<p style=”position:absolute;top:628px;left:108px;white-space:nowrap” class=”ft02″>obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit</p>

<p style=”position:absolute;top:647px;left:108px;white-space:nowrap” class=”ft02″>rating agencies registered with the Japan Financial Services Agency and their registration numbers</p>

<p style=”position:absolute;top:667px;left:108px;white-space:nowrap” class=”ft07″>are FSA Commissioner (Ratings) No. 2 and 3 respectively.<br/>MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including</p>

<p style=”position:absolute;top:709px;left:108px;white-space:nowrap” class=”ft02″>corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated</p>

<p style=”position:absolute;top:729px;left:108px;white-space:nowrap” class=”ft02″>by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to</p>

<p style=”position:absolute;top:748px;left:108px;white-space:nowrap” class=”ft02″>MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging</p>

<p style=”position:absolute;top:768px;left:108px;white-space:nowrap” class=”ft07″>from JPY125,000 to approximately JPY250,000,000.<br/>MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory</p>

<p style=”position:absolute;top:810px;left:108px;white-space:nowrap” class=”ft02″>requirements.</p>

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Source: finance.yahoo.com

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