News Release: HAMILTON, Bermuda – Minister of Finance, Curtis Dickinson announced that ratings agency Standard & Poor’s (S&P) has reaffirmed 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 as “Stable”.

Minister Dickinson stated: “I am delighted that S&P has reaffirmed Bermuda’s A+ long-term sovereign credit and senior unsecured debt ratings and that the outlook remains stable.

“It is noteworthy that S&P has highlighted, in their report, that “the stable outlook reflects our expectation that Bermuda’s moderate net general government debt burden, favourable external position (including current account surpluses), and political stability will help contain the negative impact of a sharp GDP contraction in 2020 and set the stage for economic recovery.

“In addition, S&P has recognized that Bermuda benefits from institutional stability and its track record of implementing reforms to ensure sustainable public finances and economic growth over the long term.

“The remarkable work done by our health, national security and COVID-19 frontline team, along with the majority of the public observing the restrictions, helps the Government to limit the damage done to the economy and ensure our economy begins to recover in the near term.  The actions taken to date are seen as positive and has been appropriately reflected in this update on our credit ratings.

“It is very reassuring that S&P views “Bermuda’s policymaking as largely effective, predictable and proactive.” It is also positive that the rating agency recognizes that the Government will implement reforms to ensure the long-term sustainability of public finances and economic growth over the long term.”