Island's credit rating lowered

Brexit blamed for lower score

Investment agency Moody's has cut the Isle of Man's credit rating, days after similar measures were applied to the UK.

Our Aa1 negative score has been downgraded to Aa2 stable- a decision Moody's says reflects continued instability and uncertainty over the Brexit process.

It's in line with a downgrading of the UK's score, which Labour have called a 'hammer blow' to Theresa May's credibility.

On the Island, Treasury Minister Alf Cannan, says the downgrading 'comes as no surprise', but adds it is 'reassuring' that Moody's recognises government's 'prudent' fiscal policies and low debt.