The recent news that rating agency Moody’s has maintained its Aa3 sovereign rating for the Cayman Islands has been welcomed by Cayman Finance, the organisation representing the financial services industry in the Cayman Islands.
Gonzallo Jalles, chief executive of Cayman Finance, said it is good news that against a backdrop of economic instability, the Cayman Islands has maintained this rating.
“Despite the state of the global economy which is still very much in the recovery phase, it bodes well that the Cayman Islands has continued to maintain its high sovereign rating from Moody’s,” said Jalles.
“Our economic stability remains one of our key strengths as a financial services jurisdiction and this recent assessment is a testament to how hard the private and public sectors stakeholders have worked to maintain the credibility of the Cayman Islands over the years.”
Jalles explained that the sovereign rating is not only important for the ability of the Cayman Islands to borrow on the international markets at low interest rates but it is also crucial for the continued success of the country in attracting hedge funds, captive insurance clients, banks and other financial services business.