Bermuda cut by Fitch

Bermuda cut by Fitch

Corporate & Sovereign Strategy

Fitch cut Bermuda’s rating a notch to A+ on Friday, highlighting five years’ of economic contraction and rising unemployment. Fitch gave the rating a stable outlook, saying recent data suggested the economy could be stabilizing. It forecasts GDP will not grow this year, but will expand by 1% in 2015. “The government's initiatives to improve business conditions, avoid further job losses and strengthen fiscal accounts have resulted in improved business confidence and positive investment prospects

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