Standard & Poor’s Affirms Bermuda ‘A+’ Ratings

May 12, 2019 | 10 Comments

The Minister of Finance Curtis Dickinson, today [May 12] announced that 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 is positive”.

Minister Dickinson stated; “According to S&P, the key drivers for the rating affirmation are our economic strength, especially in the tourism and construction sectors, as well as the improving fiscal results.

“The ratings agency further explained that our positive outlook reflects that we have a ‘one-in-three’ chance of a ratings upgrade, by one notch, in the next year if we sustain the improvement in economic growth and fiscal prudence.”

Minister Dickinson further stated; “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.

“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.”

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  1. What says:

    Well done PLP! Let the OBA fear factory try to counter S&P ratings! So much for all the blacklist rhetoric! Good job keep going!

    • mixitup says:

      Can’t this just be great for Bermuda?

    • sandgrownan says:

      Silly Green machiner…read it…

      “..According to S&P, the key drivers for the rating affirmation are our economic strength, especially in the tourism and construction sectors,…”

      So who do you think enacted policies and structure that would enable growth in tourism and construction…that’s right, the hated OBA..and what do you think will happen when the airport construction is finished? And what do you think will happen if Zane gets his sticky mitts into the BTA.

      So, not so fast. This is the result of OBA policy.

    • WellDone says:

      Well done PLP???? Where is the economic prosperity that was promised. That would include lower income taxes and land taxes. Let us remember that the PLP were considering taxing other assets.
      The lowering to A+ occurred under the OBA but was buoyed by the fact that the America’s cup was to give a bounce to Bermuda. Because of the hatred shown to those “Rich Guys” that bounce is not expected to come. Don’t think for one moment they haven’t told their friends.
      Don’t herald the maintenance of the A+ rating just yet, we have to see what the economic outlook is considering that we have no (a) No America’s Cup bounce and (b) Bitcon (Bitcoin) industries have not served the general population well.

    • Double S says:

      “The key drivers for the rating affirmation are our economic strength, especially in the tourism and construction sectors”

      You do realise that once again the rating agencies are basing their decision son the BTA results (started by OBA and opposed by PLP) and by the large construction projects (started by OBA and opposed by PLP).

      Tell me you actually read the report right? Rhetorical question as I know you didn’t and instead ran with the Minister’s comments like good a little sheep.

    • MB says:

      You can PLP and OBA all you want
      but at end of day when voters go to polls
      they are not looking at some S&P report
      they are thinking ‘am I better off today than a year or 5 years ago, and I don’t know about you @WHAT
      but the average Bermudian is gonna say NO,
      NO I am seeing more of my dollars on taxes, higher costs in grocery stores all round (fact) due to sugar tax, no affordable housing to speak of let alone unaffordable housing, public schools as usual a MESS, trash all over the roads, Tourism now taking a turn south, concerning stalled hotel projects, govt still on a ‘learning curve’ over bus schedule and dragging feet on Uber (while allowing airbnb??)
      Now we have higher health costs coming over govt latest attempt to make Dr Brown happy
      Crypto and that fintech pillar fizzled with the millions the dead guy lost and the Arbitrade fiasco … it may yet rise… so what do we have?
      Oh, an S&P positive rating

  2. 2 Bermudas says:

    The sad reality is that we wouldn’t need these rating agency’s opinions if the Pee El Pee didn’t put the island in a mountain of debt!!! SMDH!!!

    • Wake up Bie says:

      Change your name to oba but you’re base and you will always be UBPeeee. SMDH and you wonder why the PEOPLE don’t trust you.

    • Seriously says:

      You are an idiot! S&P ratings are used globally to help investors to understand the level of risk in jurisdictions they may want to invest in. Stop spreading lies and misdirection! You are the ones who are making a mess of social media!

  3. Joe Bloggs says:

    I agree with every word in that press release. I would, however, urge the Government to remember that part of that press release says “if we sustain the improvement in economic growth and fiscal prudence”. That is key.

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