S&P cuts Bermuda outlook to stable

Standard & Poor's said it revised its outlook on Bermuda to stable from positive.

S&P said it also affirmed its AA long-term and A-1+ short-term sovereign credit ratings on Bermuda.

The agency said that supporting the ratings on Bermuda is low government indebtedness - among the lowest of rated sovereigns.

Given the fixed exchange rate with the dollar, such policy flexibility is key to creditworthiness, the agency noted, adding that it projects gross general government debt at 7%-9% of GDP in both 2008 and 2009.

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