MercoPress. South Atlantic News Agency

Falklands retains S&P Global Ratings A+ with stable outlook; praise for FIG fiscal performance

MLA Roger Spink “The A+ rating has been achieved on the basis of the many years of political and economic stability found here in the Islands”

The Falkland Islands Government (FIG) is pleased to announce that S&P Global Ratings have confirmed that the sovereign rating for the Falkland Islands remains at A+ with a stable outlook.

The A+ investment grade credit rating means that the government has continued to demonstrate sufficient and strong capacity to meet its financial commitments, including maintaining a good future outlook, where our robust economic position is supported by prudent financial decision-making.

The assessment by S&P Global Ratings follows a detailed review of updated fiscal and economic information, which includes the recent borrowing of £150 million, supported by a process of confidential interviews with FIG officers and other stakeholders, including representatives of the business community.

Financial Secretary, Pat Clunie, said: “The S&P Sovereign rating is used globally and provides external assurance of our strong public finances, the continuing robustness of our economy and ongoing prudence in fiscal policy. The continued A+ rating, which incorporates our £150 million borrowing, provides an excellent platform to support our future economic growth and investment and is something the Falkland Islands should be proud of. I would like to thank everyone involved for all of their efforts throughout this process.”

Portfolio Lead for Corporate Government Services, MLA Roger Spink, added: “It is pleasing that S&P continue to recognise the strengths of the financial position of the Falkland Islands. The A+ rating has been achieved on the basis of the many years of political and economic stability found here in the Islands. Retaining this status sends a strong signal of economic strength and continues to provide the Falklands community and outside investors with the reassurance that we are careful stewards of our economy and government finances.”