Cayman Retains Leadership In Financial Services

Not only has the Cayman Islands continued to maintain its leadership position in international financial services and national economic performance, but it is also moving ahead of competitors, the government has claimed, pointing to a new credit rating report.
Moody's, the international credit rating agency, has raised Cayman's ceiling for foreign currency bonds and notes from Aa3 or high grade, to Aaa or exceptional - which means that it is now alongside the UK, US, Canada and Bermuda. This resulted from a change in the rating methodology last year which included raising the foreign currency country ceilings of approximately 70 countries. Of these countries, the Cayman Islands is among only three countries which had their ceilings upgraded to Aaa, according to reports.
The country ceiling is the highest rating obtainable for an issuer of long-term foreign currency-dominated bonds.