Island must be realistic over bond rating downgrade

The Treasury Minister says a downgrading of the Isle of Man's government bond ratings from AAA to AA+ is disappointing but not unexpected.

Moody's Investors Services confirmed the move on Friday.

A downgrade had been widely anticipated since Moody's reviewed the Island's rating in the summer.

Two years ago, agency Standard and Poors downgraded the Isle of Man’s status from triple A to double A plus.

Eddie Teare says whilst it's not something he would have wanted, the Island has to be realistic.