S&P downgrades Bermuda's sovereign rating
Ratings agency Standard & Poor's has revised its long-term sovereign rating on Bermuda from AA to AA-.
In a statement the Finance Ministry said: “The Ministry of Finance spoke with S&P today about this latest action and was advised that S&P has amended their ratings methodology such that the ratings of Bermuda and some of our key competitor jurisdictions have effectively received similar revisions.
“Earlier this year we saw S&P downgrade the United States, effectively creating a "new normal" for sovereign ratings.
“The Government is pleased that S&P has affirmed their stable outlook on Bermuda's ratings. Bermuda's short-term rating of A-1+ was also affirmed.
“Though Bermuda, like a number of other jurisdictions, has seen its ratings adjusted due to a revision in S&P's rating methodology, the Government is pleased that the underlying fundamentals and strengths of our Bermuda economy have been recognised and that our outlook remains stable.”
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