Cayman Islands is moving ahead of competitors in international financial services and national economic performance the government has claimed, pointing to a new credit rating report. Moody’s, the international credit rating agency, has raised Cayman’s ceiling for foreign currency bonds and notes from Aa3 or high grade, to Aaa or exceptional – which means that it is now alongside the UK, US, Canada and Bermuda.
This resulted from a change in the rating methodology last year which included raising the foreign currency country ceilings of approximately 70 countries. Of these countries, the Cayman Islands is among only three countries which had their ceilings upgraded to Aaa, according to reports.
“The continued excellent ratings by Moody’s coupled with the fact that in one already high category the ceiling was raised, means that in the management of their financial affairs, Cayman Islands’ entities and the Government have been prudent and efficient,” says Financial Secretary Kenneth Jefferson.