Hashtag: #BermudaDowngrades
Moody’s Downgrades Bermuda’s Rating To A2
Moody’s Investors Service has downgraded Bermuda’s issuer and senior unsecured ratings to A2 from A1, and said the outlook remains stable. In response to the downgrade, Minister of Finance Bob Richards said, ”Given the momentum we continue to gain in reducing the deficit, as outlined in the government medium-term expenditure framework,... Read more of this article
Shadow Finance Minister On S&P Downgrade
“This downgrade represents a further sign that 30 months of austerity, 30 months of failing to diversify, and 30 months without a credible growth plan lead to what we have seen under the OBA,” Shadow Finance Minister David Burt said following yesterday’s news that Standard & Poor’s downgraded Bermuda. “We cannot build an... Read more of this article
Standard & Poor’s Downgrades Bermuda
Standard & Poor’s [S&P] has lowered Bermuda’s rating to A+ from AA- and changed the outlook to stable, saying “the downgrade reflects our assessment of continuing weak economic performance and weak public finances, which we expect will persist through our two-year outlook horizon.” “Key drivers stated as the reasons for the... Read more of this article
Bermuda Downgrade Does Not Impact Insurers
Fitch Ratings said that its recent downgrade of Bermuda’s sovereign ratings does not currently impact their ratings of Bermuda-domiciled insurance companies, as Fitch generally views Bermuda-based re/insurance organizations as “being highly isolated from country-related risks in Bermuda.” A statement from the ratings agency said, “Under... 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
Fitch Downgrades Bermuda, Outlook Negative
[Updated with videos] Fitch Ratings announced today [June 7] that they have downgraded Bermuda’s AA government bond rating to AA-, and changed the outlook to Negative from Stable. This follows after last month’s revision by Moody’s, who also downgraded Bermuda’s rating and changed the outlook to Negative. Fitch said, “The downgrade... Read more of this article
Video: Finance Minister On Moody’s Downgrade
The downgrade by Moody’s wasn’t entirely unexpected and he does not believe it will hamper us in raising funds in investment markets going forward, Finance Minister Bob Richards said yesterday [May 17]. Minister Richards said, “I was a little disappointed in their prognostications in the outlook. I think we laid out our case pretty... Read more of this article
PLP: ‘Downgrade Should Serve As Wake Up Call’
Today’s downgrade and negative outlook by Moodys should “serve as a wake up call to the OBA”, and the new negative outlook is a “likely result of the OBA’s lack of a credible plan of action to address Bermuda’s deficit,” Shadow Minister of Finance David Burt said this afternoon [May 16]. Moody’s downgraded Bermuda’s... Read more of this article
Moody’s Downgrades Bermuda’s Rating To Aa3
[Updated] After placing the island on “review” last month, ratings agency Moody’s today [May 16] formally downgraded Bermuda’s rating to Aa3 and changed the outlook to negative. A statement issued by the Company said, “The downgrade was prompted by the steep rise in government debt and the lack of an economic recovery from the... Read more of this article
Chamber Reacts To Ratings Agency Review
[Updated with PLP response + 2nd Chamber response] The recent actions by Moody’s and Standard & Poor’s are not a total surprise nor a major concern as rating agencies tend to look at past performance to project what could happen, said the President of the Chamber of Commerce Ronnie Viera. Earlier this week Moody’s placed Bermuda’s... Read more of this article
Moody’s: Review Prompted By Steep Rise In Debt
[Updated with comments from the Finance Minister & Shadow Finance Minister] Moody’s Investors Service said they have placed Bermuda’s Aa2 government bond rating on “review for possible downgrade,” citing the “steep rise in government debt since the global financial crisis and the prospect of further rises in the coming... Read more of this article
Standard & Poor’s Lowers Outlook On Bermuda
[Updated] Ratings agency Standard & Poor’s [S&P] has lowered its outlook on Bermuda from stable to negative and affirmed its ‘AA-/A-1+’ long- and short-term issuer credit ratings [ICR] on the island. “In our view, Bermuda is experiencing a prolonged economic downturn; deteriorating fiscal performance; and deteriorating loan... Read more of this article
Fitch Ratings Downgrades Bermuda To ‘AA’
[Updated with Premier/OBA response] Fitch Ratings has downgraded Bermuda’s Long-Term Foreign Currency IDR to ‘AA’ from ‘AA+’, and Long-Term Local Currency IDR to ‘AA+’ from ‘AAA’. A statement released by Fitch today [June 26] said, “The downgrade of Bermuda’s ratings reflects its weak... Read more of this article
Standard & Poor’s Downgrades Bermuda Rating
[Updated w/Bob Richards comments] Premier and Finance Minister Paula Cox today [Dec. 29] announced international ratings agency Standard & Poor’s [S&P] has lowered its long-term sovereign rating on Bermuda from AA to AA-. A statement released said, “The Ministry of Finance spoke with S&P today about this latest action and was advised... Read more of this article
Bob Richards on Aon Downgrading Bermuda
Shadow Finance Minister Bob Richards commented on the recent news that Aon downgraded Bermuda saying: “We don’t have much to say on this matter other than what we’ve been saying for a long time now: The Government is presiding over a serious weakening of the Bermuda’s once-miraculous economy.This is primarily due its reckless... Read more of this article
