The Falkland Islands Government confirmed on Thursday that, following a detailed review of updated fiscal and economic information, supported by a process of confidential interviews with FIG officers and representatives of the business community, S&P Global Ratings have confirmed the sovereign rating for the Falkland Islands remains at A+ with a stable outlook.
The Falkland Islands Government yesterday published its budget for the upcoming financial year, describing it as a prudent budget that focuses on stability and continuity. The budget forecasts operating expenditure of £78.3m and revenues of £92.2m, as well as a capital programme totalling £53.5m for the upcoming financial year.
Reuters has reported that the Falkland Islands got its first sovereign credit rating, an investment-grade A+ score from S&P Global on Monday, as the tiny British-run territory looks to dip into borrowing markets to pay for improvements to its main port.
A Falkland Islands mini budget looks much less likely now, based on what Financial Secretary Tim Waggott told MLAs (lawmakers) at a meeting of the Standing Finance Committee.
The Falkland Islands Government announced on Monday the appointment of Tim Waggott as the new Financial Secretary, taking up his position from the 24 April 2020.