One of the lowest levels of government indebtedness among all rated sovereigns Very high per capita income A dynamic international financial services sector A large net external creditor position A small, open economy with limited diversification and a declining tourist sector Somewhat low social cohesion and government transparency for the rating category Moderate external liquidity, weakened by current market conditions and recent developments at Bermuda's two largest banks In Standard&Poor's Ratings Services' opinion, supporting the ratings on Bermuda are low government indebtedness—among the lowest of rated sovereigns. We estimate the government to be in a small fiscal creditor position, with assets of its two major pension funds of 21% of GDP exceeding its debt. We expect this position
