December 20, 2013 at 11:25 a.m.
Bond notes gets AA- Fitch rating
Fitch Ratings has assigned an ‘AA-’ rating to Bermuda’s $50 million senior notes maturing on December 16, 2023.
The notes have a coupon rate of 4.75%.
The net 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.
The rating is in line with Bermuda’s long-term local currency Issuer Default Rating (IDR) of ‘AA-’ with a Negative Outlook.
Sensitivities
The rating would be sensitive to any changes in Bermuda’s long-term local currency IDR.
On June 7, 2013, Fitch downgraded Bermuda’s long-term local currency IDR to ‘AA-’ from ‘AA+’ and revised the Outlook to Negative from Stable.
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