January 30, 2013 at 5:54 p.m.
Fitch awards Bermuda AA+ rating
Premier and Minister of Finance Paula Cox said she welcomed the ratings notification on Bermuda and pointed out that this action followed the Standard & Poor’s ratings update in September 2010, when Bermuda’s double-A rating was reaffirmed.
She said: “It is pleasing that our sovereign rating was affirmed at AA+ especially in these challenging economic conditions when many countries’ ratings are actually being downgraded.
“It is relevant to note that despite recent increases in debt levels Bermuda’s debt ratios are more than 40 percent below the median for the ‘AA’ category median, which includes sovereigns rated ‘AA-’, ‘AA’ and ‘AA+’.”
Ms Cox continued: “We will continue to have challenges as we navigate through the global financial fallout, but this rating’s update clearly confirms the stamina and resilience of our economy during these difficult times.
“It is a testament to the responsible economic and fiscal management by the Government, and this rating’s update is positive news.”
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