John Swinney says Scotland is “on track” to issue its first bonds in 2026-27, with the cash earmarked for “capital investment in key infrastructure”.
Moody’s and S&P have handed the Scottish Government the same credit rating as the UK, citing “prudent fiscal management” and a “strong” economy operating within a “stable and predictable” framework.
Both agencies warned the ratings would come under pressure if Scotland moved towards independence, with Moody’s saying it could “introduce heightened uncertainty… and potentially raise financial stability risks”.
Swinney said the “high credit ratings” reflect a “track record of responsible fiscal management and pro-business environment”, adding the move is about “using the powers we have to borrow better – not more”.
He said ministers will “shortly commence engagement with banks” to prepare the bond issue.
But Scottish Conservative finance spokesman Craig Hoy said: “Scotland’s good rating is a direct result of us being part of the UK… the ratings agencies recognise how damaging [independence] would be for our economy.”