Tunnel project boosts credit rating

20.08.2019 - 10:17
Tunnel project boosts credit rating
The final blast of the Eysturoy-Tórshavn subsea tunnel project moved the Faroes one step up on the Moody’s credit rating scale

The Faroe Islands now have an ‘Aa2’ score on the Moody's credit rating scale.

This is the third-highest rating on the 23-tier scale of the country risk rating scale, a rating defined as having “a very strong capacity to meet its financial commitments”.

According to the Governmental Bank of the Faroe Islands, the main reason for the upgrade is that the financial risk concerning the Eysturoy-Tórshavn subsea tunnel has all but vanished.

On a par with the UK and France

With the final blast in the tunnel in June, the national investment risk disappeared, since any doubts about the project not reaching completion were blown away in an instant.

Many other key financial figures in Faroese industry have also been higher than expected. The national debt has been reduced, and a budget surplus is looking likely next year.

Other nations with an Aa2 rating include the UK and France.

Translated by prosa.fo

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