Scotland given same credit rating as UK ahead of first bonds issue

"Moody's said its rating was based on the Scottish government's "prudent fiscal management" and the country's economic stability."

"S&P said Scotland's economy was "strong" with the country operating "within a stable and predictable institutional framework that provides strong oversight and well-defined arrangements with the UK central government.""

"Finance Secretary Shona Robison said the high ratings were an "excellent result" which "reflects our strong track record of prudent fiscal policy and responsible debt and financial management"."

Moody's assigned the Scottish government an Aa3 rating and S&P Global assigned AA, both matching the UK's sovereign rating. These ratings facilitate Scotland issuing bonds to raise funds for infrastructure projects and to borrow directly from investors. Moody's cited prudent fiscal management and economic stability, while S&P described the economy as strong and operating within a stable institutional framework with clear arrangements with the UK central government. Both agencies warned ratings could be downgraded if Scotland moved toward independence. Scotland has had bond-issuing powers since 2014 and recent analysis suggests bonds may offer better value and flexibility.

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