Tag: Bermuda debt

Opinion: Larry Burchall On “27 Missing Words”

Opinion: Larry Burchall On “27 Missing Words”

[Opinion column written by Larry Burchall] There are 27 missing words that could have and that still can make a big difference. Those missing words have been a major contributor to the mess that Bermuda is in today. Between 1st April 2004 and 16th December 2013, two Bermudian individuals – politicians both – created a $2,705 million mountain... Read more of this article

Ministry Releases MidYear Economic Review

Ministry Releases MidYear Economic Review

[Updated with PLP response] Saying it is in “accordance with Government’s commitment to effect ongoing improvements in transparency and it’s reporting on the fiscal and economic affairs of the country,” the Ministry of Finance today [Aug 21] reported on the 2014/15 First Quarter Fiscal Performance and provided a Mid-Year Economic Review... Read more of this article

Burchall: “Over The Hurdle, Into The Wall”

Burchall: “Over The Hurdle, Into The Wall”

[Opinion column written by Larry Burchall] By December 2017, that $800 million that Government borrowed in December 2013, plus the $396 million ‘fluff money’ left over and put in between 2012 and 2017, will have been used up. April 1st 2017 will find the Bermuda Government beginning a scramble for millions to get through to FY 2020/21 and, particularly,... Read more of this article

Larry Burchall: “When The Money Runs Out”

Larry Burchall: “When The Money Runs Out”

[Opinion column written by Larry Burchall] Nine days before Christmas 2013, Minister for Finance Bob Richards completed borrowing $800 million. Most people probably thought that was a lot of money. However, that $800 million will be gone before Christmas 2017. In fact, less than six months after 16th December 2013, by 11th June 2014, more than half... Read more of this article

Judiciary Comments: Jailing People Over Debt

Judiciary Comments: Jailing People Over Debt

The judiciary of Bermuda has commented on people being incarcerated for debt, saying under existing law no “debtor should ever be imprisoned solely because they are genuinely unable to pay their debts” and that “imprisonment will only take place where a debtor has deliberately failed to comply with a court order…” A spokesperson... Read more of this article

Fitch Downgrades Bermuda’s Ratings to ‘A+’

Fitch Downgrades Bermuda’s Ratings to ‘A+’

[Updated with PLP & Minister's response] Fitch Ratings has downgraded Bermuda’s long-term foreign and local currency Issuer Default Ratings [IDRs] to ‘A+’ from ‘AA-’, downgraded the issue ratings on Bermuda’s senior unsecured foreign and local currency bonds to ‘A+’ from ‘AA-’, and downgraded... Read more of this article

Moody’s Downgrades Bermuda’s Rating To A1

Moody’s Downgrades Bermuda’s Rating To A1

[Updated] Moody’s Investors Service has downgraded Bermuda’s rating to A1 from Aa3 and changed the outlook to stable from negative, citing the “ongoing deterioration of Bermuda’s key fiscal metrics” and the “persistent economic recession.” “One of the key drivers stated as the reason for the downgrade is the persistent... Read more of this article

S&P Affirm Bermuda’s Ratings, Outlook Negative

S&P Affirm Bermuda’s Ratings, Outlook Negative

[Updated with Finance Minister's comments] Standard & Poor’s today [Apr 1] affirmed their ‘AA-/A-1+’ sovereign ratings on the Government of Bermuda, and said the outlook remains negative. S&P said, “The ratings on Bermuda are supported by our view of the country’s ongoing achievements in attracting and retaining... Read more of this article

Ministry: Successful Completion Of $50M Bond

Ministry: Successful Completion Of $50M Bond

The Ministry of Finance today [Dec 19] announced the successful completion of a BD$50 million local bond offering. This summer the Government raised $750 million in 10-year bonds at a yield of 4.85%, and said they would borrow another $50 million in local dollars. Earlier this week, the Bermuda Stock Exchange announced the approval of the listing of... Read more of this article

Fitch Rates Bermuda’s $50M 2023 Bonds ‘AA-’

Fitch Rates Bermuda’s $50M 2023 Bonds ‘AA-’

Fitch Ratings has assigned an ‘AA-’ rating to Bermuda’s BMD $50 million senior notes maturing Dec. 16, 2023. The notes have a coupon rate of 4.75%. A statement from the ratings agency said, “The net proceeds from the issuance of the notes will be deposited in the Sinking Fund established in 1993 as a separate legal entity for... Read more of this article


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