(CMR) Moody's Investors Service rated the Cayman Islands as Aa3 Stable, the same as the United Kingdom and just three levels below Moody's highest rating. This latest rating means Cayman has the highest rating in the region and is among the top 30 percent worldwide.
Deputy Premier and Minister for Finance & Economic Development Chris Saunders said the latest evaluation from Moody's reflects confidence in the Cayman Islands' economic, fiscal, and institutional strength.
“However, It also challenges us as responsible stakeholders to ensure that these accomplishments are maintained for the benefit of all Caymanians,” he said.
“Despite Cayman's high GDP per capita and fiscal strength, we cannot become complacent. We must remain committed to ensuring that our debt burden remains very low and affordable while constantly looking for opportunities and development that can diversify and grow our economy for the benefit of all Caymanians,” he added.
He pointed out that the key drivers which resulted in Cayman's rating are a very high gross domestic product (GDP) per capita, a comparatively low government debt burden, and consistent maco-economic management.