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Bank borrowing rates to increase

At least one local bank will increase prime rates for residential mortgages starting Friday in response to the U.S. Federal Reserve announcement Wednesday that it would increase a key interest rate.

Moody’s maintains Cayman’s credit rating and outlook

International credit rating agency Moody’s has maintained an Aa3 rating for bonds issued by the Cayman Islands government in a foreign currency, and an Aa2 rating for long-term foreign currency ceiling bonds and notes.

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