KBRA Affirms A+/K1+ Ratings for Bermuda, Stable Outlook
4 Oct 2024 | 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 high wealth and strong institutions, including a top-quality regulatory environment, which underpins its status as a financial hub. Bermuda’s new corporate income tax could prompt considerable increased fiscal flexibility, although KBRA acknowledges that risks exist. The rating also reflects the sovereign’s progress in fiscal consolidation, its innovativeness which positions it to be a hub in emerging financial industries and its increasingly diversified international business sector. Of note, the tourism sector continues to recover, but employment in the wider economy is still below pre-Covid levels and skill shortages exist. These carry fiscal and GDP growth implications.
To access rating and relevant documents, click here.
Click here to view the report.