Fitch Ratings confirms Bermuda’s Credit Rating at ‘AA+’

Today the Deputy Premier and Minister of Finance the Hon. Paula A. Cox, JP, MP interrupted her overseas vacation to welcome the news that Fitch Ratings had affirmed Bermuda’s credit ratings at an investment grade level with a stable outlook.

Minister Cox said, “I am delighted that this confirmation of Bermuda’s excellent credit standing and the endorsement of Government’s economic policy measures come in the midst of these troubling economic times.

“Fitch Ratings has affirmed Bermuda’s long-term foreign currency Issuer Default Rating (IDR) at ‘AA+’ and the long-term local currency IDR at ‘AAA’, both with stable outlooks. In addition, Fitch has affirmed the country ceiling for credit ratings at ‘AAA’.

“In their release, Fitch goes on to say that their assessment is underpinned by a proven track record of effective management of the economy and business environment.

“Government is immensely pleased with this objective endorsement and will continue to manage the economy with prudent and sound policy measures. You will note that in July 2008, I gave the Legislature and indeed the general public an update on the global and local economic outlook for the balance of 2008.

“I noted the impact of the sub prime debacle, the higher level of inflation and the general softening in the US economy. As Finance Minister, I have also presented Cabinet with a detailed briefing ahead of preparations for the 2009/10 budget.

“This Government is operating strategically and economic policy will be geared to produce the optimum outcome for all participants in Bermuda’s economy and the wider community as we go forward.”

Background:
Fitch Ratings is a leading global rating agency committed to providing the world’s credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets. Fitch Ratings is dual-headquartered in New York and London, operating offices and joint ventures in more than 49 locations and covering entities in more than 90 countries.