Bermuda's Government is taking a prudent approach to confronting the economic downturn and a transitory increase in debt levels will not effect its long-term debt sustainability.

That is the view of Casey Reckman, sovereign wealth analyst for Fitch Ratings, who opened proceedings at the Bermuda International Business Association's (BIBA) Annual Bermuda Financial Services Conference at The Harvard Club in New York City yesterday.

The event, which was attended by a record audience of 300 delegates, included a luncheon keynote speech by Finance Minister Paula Cox, while Matthew Elderfield, CEO of the Bermuda Monetary Authority updated the US market on Bermuda's regulatory approach.

Ms Reckman gave an overview of the Island's ratings and its position in the global economy during the morning session.

"Bermuda's ratings are supported by a high per capita income of over US$97,000 in 2008, low public debt burden and effective management of the business and economic environment," she said.

"Fitch believes that the Government is taking a prudent approach to confronting the economic downturn and that a transitory increase in debt levels will not effect long-term debt sustainability."

Throughout the day, international business executives representing Bermuda's financial services industry hosted eight interactive and informative panel sessions on a range of topics including: choosing Bermuda, infrastructure and energy, funds and fund administration, private wealth management, trusts, convergence, re/insurance and captives, and capital markets.

"Bermuda's message of regulatory strength and transparency and economic stability, which underpin our international business offering, really resonated well with the conference attendees," said Cheryl Packwood, CEO of the BIBA.

"While last year our conference occurred at the outset of major global economic issues, this year the mood and excitement of the crowd was quite different. People are focused on the next wave of products and solutions. It was clear to all of us that they believe that Bermuda can be an important part of their success. There is no doubt that active marketing and promotion efforts will make a meaningful difference in Bermuda's ongoing economic growth and success."