AN international ratings agency has announced that Scotland is to be rated separately from the rest of the UK (rUK).
Standard Ethics (SE) said the move comes into effect today, “regardless of political developments concerning the independence referendum”. And it assigned Scotland its second-highest “EEE-” rating – the same as that for the rUK.
The agency grades countries and companies from “EEE” to “F”, giving its opinion of their relative level of reputational and operational risk. Final evaluations are made on the level of conformity to baseline ethical values.
SE says awareness of rising environmental and social needs and transparent governance models make its ratings a powerful tool for companies to demonstrate their environmental, social and governance commitments.
In its grading, SE says: “The terms of the Treaty of Union with England in 1707 guarantee the continued existence of a separate legal system in Scotland from that of England and Wales: Scotland constitutes a distinct jurisdiction in both public and private law.
“Following a referendum in 1997, the Scottish Parliament was re-established. It has authority over many areas of domestic policy.
“A few days ago, Ms Sturgeon, First Minister of Scotland, announced plans to stage a second independence referendum within two years to ‘secure our relationship with Europe, build a stronger and more sustainable economy and create a fairer society’.
“Given that the Standard Ethics Rating is not an economic assessment but focuses on political, social, environmental and legal issues, Standard Ethics sees no reason to continue with a single rating for Scotland and the UK.”
Filippo Cecchi, the company’s communications director, told The National: “We decided to issue the rating because it is now quite certain that the UK is triggering Article 50 very soon.
“As a consequence of that, Scotland’s desire for independence and to remain in Europe ... is strong again and we need to take note of that.
“It is also a very good rating.”
Last year, the agency twice downgraded Turkey from E to E- following the attempted coup there, saying the country could no longer be classed as a democracy and was instead an “authoritarian regime”.
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