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The States of Guernsey welcomes S&P 'AA-/A-1+' Ratings affirmation

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Monday 18 January 2021

S&P Global Ratings has affirmed its 'AA-/A- 1+' long and short term credit ratings for Guernsey, stating that the outlook for the jurisdiction remains stable.

S&P Global Ratings is projecting that Guernsey's economy will post a strong recovery in real GDP of 4.8% in 2021. It also comments that the government deficit peaked last year at only half of what was previously forecast.

The Bailiwick's response to COVID-19 is factored into the ratings decision, which notes how much of the economy was able to return to normal trading in the middle of 2020.

But it also points to uncertainties in the future, not only relating to the pandemic but also in the future relationship between the UK and EU following the end of the transition period.

Deputy Mark Helyar, the Treasury lead for the Policy & Resources Committee said:

"This ratings decision reflects just how well our community has handled its response to COVID-19. Being able to remove our lockdown restrictions and return to a relatively 'normal' life within the Bailiwick has helped many sectors and minimised the impact on the Island's finances. We cannot be complacent and the challenges for our public finances go beyond dealing with the pandemic, but it's right that our relatively good economic position is recognised."

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