The Isle of Man's Aa1 credit rating remains unchanged after four years.

Treasury Minister Eddie Teare has welcomed the announcement from Moody's, which stated: 'The Isle of Man’s Aa1 sovereign rating and stable outlook reflect the island’s resilient economy and the government’s robust finances. The former is supported by the economy’s growth, which is stronger and less volatile growth than that of other offshore centres, as well as its significant diversification away from banking towards high growth sectors such as ICT, despite being a small economy.'

Mr Teare said: 'The Isle of Man is an international financial centre which can be relied upon by its investors to provide a stable, pro-business environment in which they can flourish and by other countries as a responsible and reliable partner.

'Whilst the report’s conclusions demonstrate the Isle of Man’s continued and sustained economic success, we must remain vigilant in maintaining sustainable public finances.'

In 2011 the Isle of Man lost its triple A rating after Standard and Poor's assessment that itwas constrained by its undiversified small economy, making it more vulnerable to external shocks.

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