financial rating service.

US-based Standard & Poor's has concluded the economy will continue to boom if Bermudians said "yes'' in the August 15 referendum.

Their conclusion comes as the agency showed its faith in the Island by giving it a "double-A'' foreign currency rating.

Yesterday, Finance Minister the Hon. David Saul said the rating was "very flattering''.

"That is the best we can get. Only if you're a big country like the United States could you get a triple A rating. What they are saying is that if you continue the present policies you will be in excellent shape whether the Country goes independent or not.'' Shadow Finance Minister Mr. Eugene Cox said the "Double-A'' rating was no surprise to him. It gave the lie to all the scare-mongering over the "prohibitive'' costs of Independence.

Bermuda International Business Association (BIBA) deputy chairman Mrs. Dianna Kempe was equally jubilant.

"Standard & Poor's has concluded that Bermuda's economy will continue to grow on the strength of our financial and political stability, effective system of investor protection and tourism industry.'' Mrs. Kempe added the rating was a testament to the strides Bermuda had made in establishing itself as a leading international business centre.

"Standard & Poor's has observed that August's referendum on Bermuda's status as a self-governing British colony is not expected to result in any change.

"This would validate the general consensus overseas that business in Bermuda will continue to prosper regardless of the referendum's outcome.'' Mrs. Kempe said the rating service reported that "even in the unlikely event that the referendum on Independence from Britain passes, policy changes are expected to be modest and gradual, mitigating concern among the offshore business community''.

Ms Dianna Kempe