(CNS Business): The Cayman Islands has kept its international credit rating from Moody’s of Aa3 for its government’s bonds issued in a foreign currency, and an Aa2 rating for long-term foreign currency ceiling bonds and notes. Finance Minister Marco Archer said the rating and stable outlook for the jurisdiction was “attributed primarily to a very high Gross Domestic Product (GDP) per capita”, as well as the economic development and the commitment to reduce government debt.
Moody’s reported that Cayman’s GDP per capita is among the highest estimated at US$57,936 for 2017. Strong revenues and budget surpluses since 2013 have reduced Cayman’s debt burden where debt-to-GDP is expected to fall to 17% in 2017, Archer stated.
Debt is expected to fall further in 2019, when the government plans to pay most of a single large bullet bond payment, equivalent to 7% of GDP, from its cash reserves.
Moody’s rating action can be found at www.mof.gov.ky but the credit opinion must be purchased from Moody’s.