Moody’s Affirms Bermuda’s A2 Ratings

May 24, 2018 | 4 Comments

[Updated] Premier and Minister of Finance David Burt announced that ratings agency Moody’s Investors Service [Moody’s] has affirmed Bermuda’s A2 issuer ratings and its A2 senior unsecured bond ratings. The outlook remains stable.

Premier Burt stated, “According to Moody’s, the key drivers for the rating affirmation are our economic strength, with improved medium-term growth prospects; the continuation of a prudent fiscal policy that will eventually improve our debt burden, and our strong institutions and robust and adaptive regulatory environment, which allows us to maintain a low susceptibility to events risks.

“The stable outlook reflects Moody’s view that Bermuda’s improving fiscal prospects are balanced by a still-recovering economy and a continued, albeit relatively low, susceptibility to shocks stemming from changes in policies in other countries that could materially impact our economic structure.”

Premier Burt added, “I am pleased that Moody’s has affirmed Bermuda’s A2 issuer rating and our A2 senior unsecured bond ratings. This Government’s focus on sound economic and fiscal policies, working collaboratively with traditional industry partners while introducing new financial legislation and exploring feasible options to diversify our economy is strengthening Bermuda. This translates to stronger financial growth which will mean more jobs and opportunities for Bermudians.”

Update 6.01pm: Opposition Leader Jeanne Atherden said, “Moody’s recent affirmation of Bermuda’s A2 issuer ratings, is continued confirmation that the One Bermuda Alliance Government reset this country’s economic footing. The reality is that the solid economic and fiscal policies put in place by the OBA Government set the stage and laid the foundation for Bermuda’s economic recovery.

“The PLP was able to launch from a solid, pre-existing economic platform and the recognition now being received is clearly as a result of the stimulus put in place by the OBA. We hope that the Government will continue on this positive trajectory of building a stronger economy for Bermuda, so that our children and grandchildren are in a position to meet the challenges and opportunities of the future.”

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  1. Joe Bloggs says:

    “The stable outlook reflects Moody’s view that Bermuda’s improving fiscal prospects are balanced by a still-recovering economy and a continued, albeit relatively low, susceptibility to shocks stemming from changes in policies in other countries that could materially impact our economic structure”

    Could that be from 4 years of austerity so that we no longer have to borrow money to pay interest on our billions of debt?

  2. WSP says:

    Thankyou OBA

  3. Onion says:

    Translation: The PLP continued OBA policies.

  4. Deja vu says:

    I seem to remember a similar situation when the winning political party took over an island that was fiscally stable. What happened after that is well recorded.

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