Standard and Poors, the external ratings agency, have today confirmed the Isle of Man has retained its 'AAA' rating, the highest it awards.

In its report, Standard and Poors refers to the Island's 'very strong credit standing' and the 'proactive government policy of promoting high value added industry'. It also notes that the Isle of Man has outperformed other 'AAA' jurisdictions such as Singapore, Bermuda, Luxembourg and the United Kingdom in respect of its growth during the last five years.

The Treasury Minister, Allan Bell MHK (pictured) reacted to the announcement by saying: 'It is always welcome to receive external confirmation that the Island’s economy is in good shape. The Isle of Man represents a great place to do business. We expect that confirmation of the rating will continue to attract potential investors to the Island and give further boost to our dynamic economy.'