Press Release|Sovereigns

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 ParticipationYes
With Access to Internal DocumentsNo
With Access to ManagementYes

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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