This report supplements our research update "Bermuda 'A+' Ratings Affirmed On Return Of Real GDP Growth And Improving Fiscal Deficits; Outlook Stable," published April 28, 2016. To provide the most current information, we may cite more recent data than that stated in the previous publication. These differences have been determined not to be sufficiently significant to affect the rating and our main conclusions. The ratings on Bermuda reflect S&P Global Ratings' view of the territory's status as a net external creditor, its moderate and improving fiscal deficits and low debt burden, effective and predictable policymaking, high GDP per capita, and lack of monetary flexibility. Bermuda's six-year long economic contraction has come to an end. According to our estimates, real GDP
