Hashtag: #StandardPoors
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
Standard & Poor’s On Bermuda Bank Ratings
Standard & Poor’s Ratings Services said today [July 1] that it lowered its long- and short-term issuer credit ratings on HSBC Bank Bermuda [HBBM] to ‘A-/A-2′ from ‘A/A-1′, with a negative outlook. The ratings agency said, “Bermuda’s economy has weakened since the global financial markets dislocations and recession... Read more of this article
S&P Upgrades Assured’s Operating Subsidiaries
Standard & Poor’s Ratings Services has raised to AA Stable Outlook [from AA- Stable Outlook] the financial strength ratings of bond insurers Assured Guaranty Municipal Corp., Municipal Assurance Corp. and Assured Guaranty Corp., European financial guarantors Assured Guaranty Ltd. and Assured Guaranty Ltd., and reinsurer Assured Guaranty Re Ltd.,... Read more of this article
Video: S&P On Lowering Bermuda Bank Ratings
In a CreditMatters video, Standard & Poor’s Director Robert Hansen explains what prompted the ratings agency to revise their banking industry country risk assessment on Bermuda. Topics include the economy, unemployment, the real estate market, nonperforming loans, and the potential credit rating implications on specific banks. Last week... Read more of this article
S&P Revises Outlook On United States To Stable
Today [June 10] Standard & Poor’s affirmed its ‘AA+’ long-term and ‘A-1+’ short-term unsolicited sovereign credit ratings on the United States of America, and revised the outlook on the long-term rating to stable from negative. In their report the ratings service said, “We are revising the rating outlook to stable... Read more of this article
S&P Revision Does Not Impact Re/insurers
Standard & Poor’s Ratings Services in a report titled “The Recent Outlook Revision On Bermuda Does Not Affect Bermudian Re/insurers“, said that “despite the recent outlook revision on the sovereign credit rating on Bermuda to negative from stable, our counterparty credit and financial strength ratings on Bermuda-based re/insurance companies... Read more of this article
MP Terry Lister: S&P Revision Was “Inevitable”
It is disappointing for Standard & Poor’s [S&P] to state “the outlook on Bermuda is negative” but this was inevitable, Independent MP Terry Lister said. On Thursday [Mar 28] S&P lowered its outlook on Bermuda from stable to negative and affirmed its ‘AA-/A-1+’ long- and short-term issuer credit ratings on the... 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
S&P Affirm Oil Insurance Limited Ratings
Standard and Poor’s has affirmed Bermuda-based Oil Insurance Limited [OIL] A- financial strength rating with a Stable Outlook. President and CEO Robert Stauffer commented that “as a result of the high credit quality of our membership, strong capitalization and operational flexibility, OIL has maintained its A- financial strength rating since September... 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
S&P Affirms Butterfield’s Ratings
The Bank of N.T. Butterfield & Son Limited announced that, in a rating update dated 13 December 2011, credit rating agency Standard & Poor’s [S&P] has affirmed Butterfield’s long-term credit rating at A- and its short-term customer deposit rating at A-2. S&P also increased the rating of the Bank’s preferred shares to BBB. Brad... Read more of this article
S&P Grades Bermuda An ‘Intermediate Risk’
The Standard & Poor’s Ratings Services said today [Nov.9] it is assigning its Banking Industry Country Risk Assessment [BICRA] on Bermuda at group “3″. It is also assigning an economic risk score of “3″ and an industry risk score of “3″. “We have reviewed the banking sector of Bermuda [AA/Stable/A-1+]... Read more of this article
S&P Affirms HSBC Bermuda Ratings
“Standard & Poor’s affirmation of the Bank’s credit rating of AA-/Negative/A-1+ continues to confirm HSBC Bermuda as the highest-rated bank on the Island,” CEO Philip Butterfield said. In assigning this favourable rating, Standard and Poor’s noted the Bank’s “strong competitive position within the Bermuda banking market,... Read more of this article
Assured Guaranty Respond To S&P
In response to the change by Standard & Poor’s Ratings Services (S&P) of the financial strength ratings of bond insurers Assured Guaranty Corp. and Assured Guaranty Municipal Corp. from AA+ Negative Outlook to AA+ CreditWatch Negative, and the AA Negative Outlook rating of Assured Guaranty Re Ltd. to AA CreditWatch Negative, Dominic Frederico,... Read more of this article
S&P Affirms Butterfield Bank’s Ratings
The Bank of N.T. Butterfield & Son Limited today announced that, in a report dated 31 August 2011, credit rating agency Standard & Poor’s has affirmed Butterfield’s long-term credit rating at A- and its short-term customer deposit rating at A-2. In its report, S&P cited Butterfield’s strong competitive positions in Bermuda and the... Read more of this article
