The report about the credit rating of an independent Scotland by Jim Leaviss should be viewed as a welcome contribution, even if his conclusions run contrary to the report on the same day that Scotland is one of the richest areas in the UK ("Credit ratings warning about independence", The Herald, January 5).

Mr Leaviss's view that Scotland's rating would necessarily decline as it would be unable to print its own money, as either part of the sterling or the eurozone, misses another option.

In January 1993, following a referendum, Czechoslovakia split into the Czech Republic and Slovakia. On February 8, 1993, both countries established new currencies at equal parity and for a time the former currency circulated freely.

Over time the currencies' exchange rates varied reflecting their economic performance. Both countries are now in the European Union and in 2009 Slovakia joined the eurozone, while the Czech Republic remains outside.

After independence for Scotland, the English treasury may well be reluctant to let Scotland print sterling or even borrow money at competitive rates.

In that event a separate Scots pound should be established, initially at parity with sterling.

I have no doubt that given Scotland's energy resources a Scots pound would retain its AAA status.

A decision to join another currency zone could be taken if or when it suited Scotland's economy and the people wished it.

Gordon Morgan,

10 Prospecthill Road,

Glasgow.