Moody’s, the international credit rating agency, has maintained Cayman’s Aa3 rating for Government’s bonds issued in a foreign currency, and an Aa2 rating for long-term foreign currency ceiling bonds and notes.
The Minister for Finance and Economic Development, Honourable Marco Archer stated that “the high rating and stable outlook for the Cayman Islands is attributed primarily to a very high Gross Domestic Product (GDP) per capita, high levels of economic development and the Government’s commitment to reducing debt.”
Moody’s reported that Cayman’s GDP per capita is estimated at US$57,936 for 2017, amongst the highest in Moody’s rating universe. 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. 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 and credit opinion reports are dated 17 February 2017 and 19 February 2017, respectively. The 17th February 2017 rating action report by Moody’s can be found, in full, on the following websites: www.gov.ky and www.mof.gov.ky. Alternatively, click here to download a copy of the report.
The 19th February 2017 credit opinion can be purchased from Moody’s.