Hashtag: #StandardPoors

Finance Minister: S&P Rating Is ‘Positive News’

Deputy Premier and Minister of Finance Bob Richards today welcomed a new sovereign ratings notification from the Standard & Poor’s rating agency. S&P affirmed Bermuda’s rating at A+ and maintained our stable outlook. Minister Richards said: “The key drivers that were listed as the reasons for the affirmation are improving fiscal deficits... Read more of this article

Standard & Poor’s Affirms Bermuda’s A+ Rating

Standard & Poor’s has affirmed its ‘A+’ long-term issuer credit and senior unsecured debt ratings on Bermuda, saying that “Bermuda’s six-year long economic contraction has come to an end.” The ratings agency said, “On April 28, 2016, Standard & Poor’s Ratings Services affirmed its ‘A+’... 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

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