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 developments in recent years at Bermuda's two largest banks The ratings on Bermuda reflect Standard&Poor's Ratings Services' assessment of one of the highest income levels among rated sovereigns alongside the government's low, although increasing, indebtedness. In our view, the risk that deterioration in the financial sector could cause balance-of-payments problems or require substantial government support has receded. At the same time,
