Fitch rates Bermuda notes AA-

Fitch Ratings said it assigned an AA- rating to Bermuda's 50 million in Bermudian dollar senior notes due Dec. 16, 2023.

The notes have a coupon rate of 4¾%.

The proceeds from the issuance of the notes will be deposited in the Sinking Fund established in 1993 as a separate legal entity for the repayment of government borrowings, Fitch said.

The rating is in line with Bermuda's long-term local-currency issuer default rating of AA- with a negative outlook.

The ratings would be sensitive to any changes in Bermuda's long-term local-currency issuer default rating, the agency said.

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