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Scotland ‘on Track’ to Issue First Bonds in 2026-27, Says Swinney

Scotland's AA credit rating matches the UK’s, enabling a £1.5 billion bond program to fund infrastructure and attract investment, officials said.

  • Credit rating agencies Moody's and S&P Global have given Scotland the same sovereign credit rating as the UK, Aa3 and AA respectively, as the Scottish government prepares to issue its first bonds in 2026/27.
  • The Scottish government plans to issue bonds to raise money for infrastructure projects, having previously borrowed from the UK national loans fund.
  • Both rating agencies cautioned that Scotland's credit rating could potentially be cut if it moves towards independence from the UK.
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Scotland ‘on track’ to issue first bonds in 2026-27, says Swinney

The Scottish Government is “on track” to issue its first ever bonds next financial year, with John Swinney saying the move will fund “key…

·Scotland, United Kingdom
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Evening Standard broke the news in London, United Kingdom on Wednesday, November 12, 2025.
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