Hashtag: #BermudaDebt
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”
[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
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+’
[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
[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
[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
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 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
BSX Approves Govt’s $50 Million Senior Notes
[Updated] The Bermuda Stock Exchange [BSX] today announced the approval of the listing of the Government of Bermuda’s BD$50 million 4.750% Senior Notes due 16 December, 2023. The listing is effective from the date of the closing and delivery of the Notes, which is today [Dec 16]. This past summer the Ministry of Finance raised $750 million in 10-year... Read more of this article
Government’s $50 Million Senior Notes Offering
The Government of Bermuda is continuing the process to borrow another $50 million, filing an announcement regarding its BMD$50 Million Senior Notes Offering with the Bermuda Stock Exchange today [Dec 2]. This past summer the Ministry of Finance raised $750 million in 10-year bonds, at a yield of 4.85%, and said they would be borrowing another $50 million. The... Read more of this article
Finance Ministry’s Mid-Year Economic Review
The Ministry of Finance today [Nov 14] reported on the 2013/14 first half fiscal performance, saying that both revenues and current expenditures are above budget estimates and the net debt is $1.77 billion. The Ministry said, “The headline numbers for the 2013/14 National Budget were: a revenue target of $871.2 million; current expenditure of... Read more of this article
Richards: ‘Was On Brink Of Not Making Payroll’
Following a news report questioning statements made by the Premier, Finance Minister Bob Richards today [Oct 16] said the Government was “on the brink” of not being able to make payroll earlier this year. Citing sources close to the Finance Ministry, last night ZBM reported that they said the Government did in fact have enough money to make... Read more of this article
