Ratings agency Standard & Poor’s (S&P) has affirmed Bermuda’s A+ long-term sovereign credit and senior unsecured debt ratings as well as its A-1 short-term rating and its AA+ transfer and convertibility assessment on Bermuda.
The outlook for these ratings is positive, and reflects Bermuda’ economic strength, in particular its tourism and construction sectors, along with improvements to its fiscal results.
S&P also explained that the positive outlook reflects Bermuda having a ‘one-in-three’ chance of a ratings upgrade by one notch in the next year if it continues to sustain the improvements in economic growth and fiscal prudence.
“I am pleased that S&P has affirmed Bermuda’s A+ long-term sovereign credit and senior unsecured debt ratings as well as is considering a positive rating action if we are able to sustain the improvement in our economic and fiscal position,” said Bermuda minister of finance, Curtis Dickinson.
Dickinson continued: “This Government’s focus on credible economic and fiscal policies, working collaboratively with our industry partners and exploring realistic opportunities to diversify our economy is strengthening Bermuda. The end goal is a sustainable, prosperous and inclusive economy for all of Bermuda.”
S&P, Ratings, Bermuda