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Rating our work: an unbiased professional opinion

All of Bermuda, regardless of political orientation, should be encouraged by the news that rating agency Standard & Poor's has reaffirmed Bermuda’s A+ sovereign credit rating, A-1 short-term rating, and AA+ transfer and convertibility assessment — and has maintained our credit rating outlook as “stable”.

Often, the work of our government is disparaged, undermined and ridiculed by those with political biases and agendas. However, this rating and commentary by S&P, the world's leading provider of independent credit ratings, cannot be dismissed; nor can it be ignored.

I understand that no government policy will receive universal support and appreciate that everyone is entitled to their opinion. As a country, we should feel very proud that S&P stated in its report that “the economic recovery is under way in Bermuda and will continue during the forecast horizon”.

It is further reassuring to note that it “[believes] the territory can and is willing to implement reforms to ensure the long-term sustainability of public finances”.

The Government’s hard work and vision have been validated, as our maintenance of Bermuda’s credit rating attests the continuance of our economic stability and the growth of our international business sector. Despite the economic carnage wrought by the Covid-19 pandemic, and despite bias and political attacks, your Progressive Labour Party government is managing our economy prudently, responsibly and with an inclusive approach that is working.

These are the facts. We are meeting our fiscal targets. We have met the aggressive debt targets laid out in the Bermuda Economic Recovery Plan. We are appropriately managing taxpayer funds and fulfilling our campaign promises. We continue to advance ideas that will grow our economy for the benefit of the people of Bermuda.

Jaché Adams is the government MP for Pembroke West (Constituency 19)

While Covid has had a profoundly negative impact on our progress, the Government remains committed to the difficult balance of continuing to operate within its means while advancing a socially conscious agenda.

This is demonstrated by initiatives such as the unprecedented relief provided to Bermudian workers and businesses, the cutting of payroll taxes for those earning less than $96,000 annually and the slashing of vehicle licensing fees. You see it in the freezing of fuel prices and our continuing efforts to tackle the cost of living.

These, along with the steady increase in tourism numbers and spending, are reasons for hope and optimism.

Your government recognises that more work needs to be done, and more will be done to address the challenges caused by global inflation and the after-effects of a once-in-a-century pandemic. Your PLP government remains connected to our community and will continue to advance policy initiatives that ease the pressure on struggling Bermudians, expand opportunities and break down impediments to Bermudians’ success.

We encourage Bermudians to remain steadfast as our island continues on the path of economic recovery.

Jaché Adams is the government MP for Pembroke West (Constituency 19)

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Published May 19, 2022 at 8:00 am (Updated May 18, 2022 at 2:37 pm)

Rating our work: an unbiased professional opinion

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