Burt: Bermuda well-placed with a robust growth outlook
David Burt, the Premier and Minister of Finance, told Parliament today that government’s latest credit ratings “highlight the strength of Bermuda’s economy and the confidence that global investors continue to place in our island”.
Mr Burt was referring to the latest assessments of Bermuda’s creditworthiness from S&P Global and Morningstar DBRS which highlighted Bermuda’s improving fiscal position.
He highlighted the declining debt ratio and the projection that it would continue to fall “even before accounting for the effects of the new corporate income tax”.
He told members of the Lower House: “This is further evidence that the improvement in Bermuda’s public finances is the result of sustained fiscal discipline and economic momentum, not dependent on future revenues.”
He said S&P noted: “Bermuda benefits from effective policymaking and institutions, a stable political environment, and a strong legal system.”
Mr Burt said: “Though sovereign ratings may not mean that much to the everyday Bermudian, these ratings carry significant weight.
“They help determine our cost of borrowing, influence investor perceptions, and reflect the judgment of professional analysts who examine economies around the world.”
He concluded: “The global economic environment remains uncertain; however, the findings from these independent rating agencies are a timely reminder that Bermuda remains well-positioned, both economically and institutionally, to navigate global headwinds that may arise.”
• For more on the Premier’s Ministerial Statement, see Related Media
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