Overview
- Moody’s assigned Aa3 and S&P Global assigned AA to the Scottish Government, matching the UK and citing a stable devolution framework and prudent fiscal management.
- Ministers plan a bond programme of up to £1.5 billion over the next parliament to finance capital investment in priorities such as housing and net‑zero projects.
- The government will begin appointing banks as joint lead managers, with EY advising on the issuance process.
- Both agencies cautioned that material steps toward independence, a UK downgrade, or budget pressures could lead to lower ratings.
- Scotland gained the power to issue bonds in 2015 but has mainly borrowed via the UK’s National Loans Fund, and any issuance will operate within existing borrowing limits.