Fitch Ratings today affirmed its high ratings on Bermuda’s creditworthiness and said the Island is “in a strong starting position for facing the global economic crisis”.

The American ratings agency maintained Bermuda’s foreign currency Issuer Default Rating (IDR) at ‘AA+’ and its local currency IDR at ‘AAA’.

Fitch said a high per-capita income of more than $97,000, a low public debt burden and effective management of the business and economic environment supported the Island’s ratings.

“A long-standing commitment to prudent fiscal policy underpins Bermuda’s creditworthiness and provides a strong starting position for facing the global economic crisis,” said Casey Reckman, associate director in Fitch’s Sovereign group.

However, Fitch added that it expected Government debt to rise to 11.6 percent of gross domestic product. Although this figure was low compared to highly rated peers, Fitch said this was prudent, as Government has a smaller revenue base and more limited financing options than many others.

* Read the full story in tomorrow's business section of The Royal Gazette.