When Moody’s Investor Services announced that it had confirmed Bermuda’s A2 issuers, “Bermuda’s economy is heading in the right direction, and the government will provide more relief to workers while maintaining fiscal discipline. I will keep my promise. ” Maintained a senior unsecured bond rating and a stable outlook for Bermuda.
The Prime Minister said: “We welcome another independent verification of Bermuda’s economic strategy. Moody’s Positive Assessment of Government Control over Bermuda’s Economy Manages Economic Storms While Preparing for the Most Vulnerable People in Our Community Reflects this government’s ability to do.
“These are despite the government’s need to raise its debt cap to borrow $ 200 million because of the failed Morgan’s Point project guarantee and the $ 44 million taxpayers had to do. It’s important to note that the rating has been achieved. We will pay Skyport. Both projects have been inherited from the previous administration. “
A Moody’s press release released on June 21 states: Moody’s expects growth performance to regain momentum compared to the previous year and support a gradual downturn in government debt. Investing in the tourism sector and new hotels on the island is an important impetus for improving growth prospects. “
Bermuda is a global center for the insurance and reinsurance industry, and this sector remains attractive for new businesses. In the medium term, Bermuda is in a position to take advantage of new opportunities in the insurance and reinsurance sector, such as underwriting cyber and climate risks. Moody’s expects to grow over the next few years, demonstrating the strong growth potential of this emerging market. Bermuda sector. “
Prime Minister Bert concludes: [ESG] Bermuda has the highest score in governance. The report highlights government fiscal and economic policy as the key to maintaining the resilience of Bermuda during the most difficult times worldwide.
“The strength of the Bermuda institution, our strong institutional framework, our strong external position, and the large inventory of assets are also recurring themes. Overall, this report and a recent report from S & P. Positively reflects the government’s control of our economy and proves that our economy is heading in the right direction. “
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