The Cabinet Office

Department of Communication and Information

Contact:
Magnus Henagulph
rmhenagulph@gov.bm
(441) !4 "#$
Ma% &$' $14
Fitch Ratings Downgrades Bermudas Rating to A+ and Outlook Is Stable
The Minister of (inance the Hon. ).T. *ichar+s ,- M- to+a% a+vise+ that (itch *atings has
+o.ngra+e+ /ermu+a0s long1term foreign an+ local currenc% 2ssuer 3efault *atings (23*s) to 4560
from 45510. (itch has also +o.ngra+e+ the issue ratings on /ermu+a0s senior unsecure+ foreign an+
local currenc% bon+s to 4560 from 45510. The *ating Outloo7s on the long1term 23*s are 8table. 2n
a++ition' (itch has +o.ngra+e+ /ermu+a0s Countr% Ceiling to 4550 from 45560 an+ short1term foreign
currenc% 23* to 4(10 from 4(160.
(itch sai+ the rating +o.ngra+e reflecte+ /ermu+a0s continue+ economic contraction. Ho.ever' the
8table Outloo7 reflects: 9the government0s initiatives to improve business con+itions' avoi+ further :ob
losses an+ strengthen fiscal accounts (.hich) have resulte+ in improve+ business confi+ence an+
positive investment prospects in the tourism sector.;
Minister *ichar+s sai+ the ratings +o.ngra+e .as not une<pecte+' given the high level of +ebt
accumulate+ since the financial crisis' an+ a++e+ in contrast: 9(itch has sai+ that our economic +ata
in $14 suggests that the /ermu+ian econom% coul+ be stabili=ing an+ foresees >3- gro.th to be
=ero in $14 follo.e+ a b% 1? e<pansion in $1@.;
Ahile the ratings a+:ustment is +isappointing ne.s' Minister *ichar+s note+ that the a+:uste+ rating
remains in the upper me+ium investment gra+e' .ith a stable outloo7.
Minister *ichar+s reiterate+ the >overnment0s strateg% to implement a ,obs an+ )conomic
Turnaroun+ -lan that stri7es a balance bet.een responsible gro.th an+ +iscipline+ financial
management an+ a++e+: 95s the Minister of (inance' 2 remain committe+ to creating an econom% that
.or7s for ever%one an+ returning our public finances to a sustainable position;.
(or more information go to ....fitchratings.com
>lobal House
4& Church 8treet' Hamilton HM 1
-hone (441) !1@!!# (a<: (441) !@1@B" Aebsite: ....gov.bm