Bonds offered by the Bermuda Government offer the lowest risk for investors of any country in the Caribbean region, according to Euromoney’s Country Risk (ECR) survey.

Bermuda ranks 44 in the magazine’s global rankings, on the same level as Spain and Peru, and its analysts are predicting a pickup in the economy to start this year and next.

The Island receives a score of 58.7 out of a maximum possible 100 points, on a scale in which a higher score represents a lower risk of default.

Second-placed Trinidad & Tobago (56.95) and third-placed Bahamas (50.06) were the only other countries to score more than 50.

The score is calculated from a combination of economic and political risk scores. While the Island’s political risk score of 74 is better than any of the other island nations in the Caribbean region, the economic score of 40 is bettered by Trinidad and Tobago, the Bahamas and the Dominican Republic.

Euromoney pointed out that Bermuda’s score had risen slightly from last year.

“The country has experienced mixed fortunes to date, with its economic-GNP outlook and government finances scores shaved because of GDP contracting in 2014 for a sixth consecutive year — resulting in voters losing some trust in the Government’s ability to manage the economy, the Profiles of Bermuda annual survey claims.

“ECR experts nonetheless expect the economy to turn around in 2015-16 and have had their faith in banking sector, currency and Government stability restored. Bermuda’s scores for capital repatriation risks, information access/transparency, the ‘soft’ infrastructure and labour relations — which are among 15 indicators contributing to the total risk score — have also been raised.”