In our view, Bermuda is experiencing a prolonged economic downturn; deteriorating fiscal performance; and deteriorating loan performance in its banking sector. We are revising our outlook on Bermuda to negative from stable and affirming our 'AA-/A-1+' long- and short-term issuer credit ratings. Substantially worse-than-expected economic, fiscal, or banking-sector indicators could cause us to lower our ratings, most likely to 'A+/A-1'. TORONTO (Standard&Poor's) March 28, 2013--Standard&Poor's Ratings Services today said it revised its outlook on Bermuda to negative from stable and affirmed its 'AA-/A-1+' long- and short-term issuer credit ratings on the country. "The negative outlook reflects our view of the potential of a downgrade over the next two years if the country's economy fails to show
