Scotland plans to issue £1.5bn of its own bonds – ‘kilts’ rather than gilts

Announcement by first minister John Swinney comes after Moody’s and S&P give country same credit rating as UK

The Scottish first minister John Swinney has said Edinburgh is on track to issue its own government bonds, nicknamed “kilts”, after the country was given the same credit rating as the UK.

Two ratings agencies Moody’s and S&P Global gave Scotland a score of Aa3 and AA respectively, echoing their judgment for the UK as a whole.