Ratings agency Standard and Poor has revised its outlook on Bermuda, raising it from stable to positive.

David Burt, the Premier and Minister of Finance, celebrated the announcement. “Standard and Poor’s in their overview stated Bermuda’s credit story is improving thanks to a return to positive economic growth,” he said.

“The agency added they view the prudent fiscal policy by the new Progressive Labour Party Government as positive.

“They affirmed their long-term sovereign credit and senior unsecured debt ratings as well as their short-term ratings and transfer and convertibility assessment.”

Along with revising their outlook on the island, S&P affirmed Bermuda’s A+ long-term sovereign credit and senior unsecured debt ratings as well as its A-1 short-term ratings and its AA+ transfer and convertibility assessment.

Mr Burt said: “The positive outlook reflects S&P’s expectations that, in the next 12 to 24 months, real GDP growth will remain moderately positive, fiscal deficits will continue to narrow approaching balance and Bermuda’s net general government creditor position will improve modestly.

“I am extremely pleased by this outlook which reaffirms the economic policies, stewardship and vision of this Government.

“We will continue our collaboration with traditional industry partners in international business and we will advance the progress made in growing and diversifying this economy.

“We promised the people of Bermuda that we would grow the economy and make a more inclusive Bermuda with new avenues of growth providing for more Bermudians to take advantage of economic successes. This is our focus and we are determined to build a better and fairer Bermuda.”