S&P Global typically provide a credit rating assessment approximately once every six months. These ratings are published on their website. They are typically used by prospective lenders and businesses seeking to invest in Guernsey to help assess the level of risk associated with the jurisdiction.

Deputy Lyndon Trott, Chief Minister said: "I am very pleased that we have been able to retain a good credit rating, signalling to the world that Guernsey is somewhere to invest and do business.

"S&P recognises the important steps we have taken to prevent the structural deficit from significant deterioration. That said, it is also quick to highlight the need for us to continue to prioritise sustainable public finances and I know our community also appreciates how important this is.

"The current direction, with some limited revenue raising and a significant curtailing of the capital programme, is a temporary solution which allows us some more time and space to look for a genuinely sustainable long-term solution that is right for Guernsey. But we cannot be complacent, and we must continue that work even if ultimate decisions are made by the next Assembly."