THURSDAY, JUNE 28: While Tuesday’s ratings adjustment is not positive, it is important to remember that Bermuda still enjoys the 3rd highest (out of 20) ratings awarded by Fitch. Tuesday’s adjustment sees Bermuda return to an AA rating, which Bermuda held from 1994 to 2006. In 2006, under the PLP leadership Fitch adjusted Bermuda’s rating upwards to AA+, today’s adjustment returns us to pre-2006 levels.
The PLP feels it important that the Bermuda Government continue press ahead with its investments in infrastructure which will bring jobs, income and new opportunities to Bermudians. Bermuda’s debt represents an investment in schools, housing, docks, buses and ferries, buildings and infrastructure that make life better for Bermudians now and in the future.
Further, the PLP supports the government’s stance to freeze spending at current levels. Further spending cuts, as advocated by the OBA, will only serve to do more damage to our economy during these tough times, putting more strain on Bermudian families.