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WRITTEN QUESTION TO THE MINISTER FOR TREASURY AND RESOURCES BY DEPUTY J.A.N. LE FONDRÉ OF ST. LAWRENCE
ANSWER TO BE TABLED ON TUESDAY 9th SEPTEMBER 2014
Question
Would the Minister inform members what data and reports were provided to the credit rating agencies in respect of the £250m bond?
Answer
For the actual bond issuance the only rating agency requiring information was Standard and Poor's (S&P) credit rating agency. The timing of the Bond Issuance coincided with S&P's half yearly annual review of the States of Jersey's position. Information was supplied previously when the States obtained its initial credit rating.
The following is a list of information supplied before the bond was issued. S&P analysts have unlimited access like other members of the public to the States' and JFSC main websites (for example: gov.je, statesassembly.gov.je) and would have reviewed latest statistical and other pertinent information available at that time.
Documents available in the Public Domain
- 2013 Accounts and Annex
- 2013 Summary Accounts
- Accounts Slides (2013)
- Statistics link from gov.je website - provided for S&P's analysts to look at all published information available in May 2014
- Parishes' 2013 accounts as available
- 2012 and 2013 accounts for the Utility companies where available (Jersey Post, Jersey Water,
JEC and JT Group Limited) Documents provided not in the Public Domain
- Draft Issuer Description Prospectus
- Extract from one of the book-runners' presentations listing likely interested parties for the bond
- Draft bond issuance timetable and plan for the roadshows as at that time
- Summary of the historical interest rate subsidies provided from the Housing Development Fund to Housing Trusts
- Copy of the 2015 draft capital programme
- Working draft of the presentation to future investors to show pension data. S&P would later have seen the final version.
- Names of contacts at the JFSC