Bermuda's financial and economic strength has been re-affirmed as amongst the best in the world by rating agency Fitch.

It has given the Island a AA+ for its long-term foreign currency Issuer Default Rating (IDR) at 'AA+' and an 'AAA' for its long-term local currency IDR and 'F1+' for its short-term IDR.

The country ceiling is 'AAA' and all the ratings are viewed as stable.

According to Fitch: "The ratings reflect Bermuda's credible commitment to high standards of fiscal prudence, a strong off-shore international financial centre, and a proven track record of managing the economy and business environment.

"Bermuda is one of the most prosperous economies in the world, with an estimated gross domestic product per capita of $77,710 (nominal terms) in 2006, among the highest for all sovereigns rated by Fitch.

"Inflation is consistently in the low single digits and the current account balance has been in surplus since 1991. Additionally, Bermuda's public finances are solid and the scope for fiscal flexibility is high relative to peers in light of low public debt-to-GDP and -revenue ratios. Fitch expects these trends to continue over our forecast horizon."

The agency notes that international business is now the largest contributor to growth in Bermuda's economy and the Island's success at maintaining its reputation as the domicile of choice for insurance and financial services companies "should provide the basis for sustainable growth going forward."