The Isle of Man has retained its 'Triple A' rating in sovereign credit - the highest level available.

The review of sovereign states such as the Island takes place annually and is carried out by external ratings agencies Standard and Poor and Moodys.

Treasury Minister Allan Bell MHK (pictured) has welcomed the announcement and says it shows that despite the current volatility in world markets, the Island continues to demonstrate that it is a world class jurisdiction in which to do business.

The Treasury says retaining the top rating sends out the message that the Island seeks to employ best practice in the management and governance of its affairs, provides access to cheaper borrowing, acts as an important marketing tool and promotes a positive national identity and reputation for the Island