KBRA Affirms A+/K1+ Ratings for Bermuda, Stable Outlook
6 Oct 2023 | New York
KBRA affirms long-term issuer ratings of A+ for Bermuda. KBRA also affirms short-term ratings of K1+. The Outlook on the long-term ratings is Stable.
|This credit rating is an unsolicited credit rating|
|With Rated Entity or Related Third-Party Participation||Yes|
|With Access to Internal Documents||No|
|With Access to Management||Yes|
Bermuda’s ratings reflect its commitment to fiscal restraint and consolidation (even if slightly delayed), the ongoing recovery of tourism, and KBRA’s expectations for durability in its status as a financial hub. KBRA expects Bermuda to be largely resilient to moves towards global corporate tax reform although risks exist. Bermuda’s innovativeness positions it to be a hub in emerging financial industries. Employment is still below pre-Covid levels, and well below levels from before the Global Financial Crisis, with fiscal and GDP growth implications.
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