Premier and Minister of Finance, the Hon. David Burt, JP, MP, today welcomed the upgrade of Bermuda’s credit ratings by Morningstar DBRS. The agency raised the Long-Term Foreign and Local Currency Issuer Ratings to A (high) and the Short-Term Ratings to R-1 (middle), with all trends revised to Stable.
Premier Burt stated, “This upgrade is a strong vote of confidence in Bermuda’s economic strategy, fiscal discipline, and the resilience of our people. It underscores our continued progress and potential.”
In its July 26 release, Morningstar DBRS cited Bermuda’s robust post-pandemic recovery, driven by growth in international business and a revitalized tourism sector. It praised the Government’s success in narrowing the average fiscal deficit from 3.5% of GDP to 0.4% over the past four years and achieving the first balanced budget in two decades.
Premier Burt noted, “Through carefully targeted reforms and sustained fiscal discipline, we have laid the foundation for sustained growth. Our public debt has fallen from a peak of 46% of GDP to 35%, allowing greater investment in Bermuda’s future.”
Morningstar DBRS highlighted Bermuda’s high per capita income, effective institutions, and political stability as key strengths. While acknowledging challenges, the agency emphasized that continued reforms and diversification will be key to long-term resilience and future upgrades.
For full details, visit https://dbrs.morningstar.com.