Premier and Minister of Finance: Fitch Ratings
Today [Nov 22], Fitch concluded its rating action on Bermuda and affirmed Bermuda’s AA+ rating, which is one notch below the highest rating of AAA.
The Premier and Minister of Finance Paula Cox welcomed the ratings notification on Bermuda and pointed out that this action followed the Standard & Poor’s ratings update in September 2010, when Bermuda’s double-A rating was reaffirmed.
The outlook on Bermuda was subsequently revised to stable from negative in September.
Today Premier Cox said, “It is pleasing that our sovereign rating was affirmed at AA+ especially in these challenging economic conditions when many countries’ ratings are actually being downgraded. It is relevant to note that despite recent increases in debt levels Bermuda’s debt ratios are more than 40% below the median for the ‘AA’ category median, which includes sovereigns rated ‘AA-’, ‘AA’ and ‘AA+’.
“We will continue to have challenges as we navigate through the global financial fallout, but this rating’s update clearly confirms the stamina and resilience of our economy during these difficult times. It is a testament to the responsible economic and fiscal management by the Government, and this rating’s update is positive news.”
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Articles that link to this one:
- Fitch Reaffirms Bermuda’s Rating: Outlook Stable | Bernews.com | November 22, 2010
Why we give any credence to Fitch and S&P entities that rated the CDOs with tranches of subprime mortgages as A or AAA, boggles the mind.
I agree with you Amazed,
We Bermudians should shop Bermuda and believe in the statements from the more qualified financial wizard/genius name Bob Richards from the UBP.
The American Thankgiving Holiday celebration is this Thursday and we all should give thanks to the UBP for not getting Bermuda in this financial mess.
Happy Holiday
Support Bermuda, shop overseas and pay duty at the airport is one way or send via IBC that’s antoher……all sorted! I would have recommended to shop in the Bermuda stores but there are hardly any left and the ones that are have little variety. Who needs Fitch:)