Moody’s affirms Bermuda

Moody's Investors Service said it affirmed the Government of Bermuda's A2 issuer ratings and A2 senior unsecured bond ratings.

The outlook remains stable.

Moody’s said the key drivers for the affirmation are:

• Bermuda's economic strength, which is supported by high wealth levels and improved medium-term growth prospects but constrained by its small size and lack of diversification;

• The continuation of a prudent fiscal policy that should contribute to easing the country's public-sector debt burden, which is now comparable to similarly rated peers; and

• Strong institutions, with a robust and adaptive regulatory environment, allow Bermuda to maintain a low susceptibility to events risks.

Bermuda's foreign- and local-currency bond and deposit ceilings are unaffected. The long-term foreign-currency bond and deposit ceilings are unchanged at Aa3 and A2, respectively. The short-term foreign-currency bond and deposit ceilings remain at P-1. The long-term local-currency bond and deposit ceilings remain at Aa3.

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