Bermuda Lowered by Fitch

Bermuda Lowered by Fitch

Caribbean Corporate & Sovereign Strategy

Fitch Ratings has downgraded AA minus from AA, it says, based on deterioration in the economy and the government’s finances. The agency points to four years of economic contraction, sustained high fiscal deficits and increased government debt burden. The sovereign’s ability to sustain higher levels of debt is constrained by its narrow revenue base and its underdeveloped domestic public debt markets. Bermuda's lack of economic diversification and excessive reliance on mature industries is limitin

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