NEW YORK (Standard&Poor's) June 28, 2012--Standard&Poor's Ratings Services today said it assigned its 'AA-' foreign currency rating on the Government of Bermuda's $475 million long-term 4.138% senior unsecured notes due on Jan. 3, 2023. The issuer credit ratings on Bermuda (AA-/Stable/A-1+) reflect its effective and predictable policymaking and its stable political institutions. Other rating strengths include Bermuda's strong economy (with one of the highest per capita income levels in the world), as well as a leading position in the global reinsurance sector and moderately strong fiscal flexibility and performance. Bermuda offsets its high gross external financing needs with an extremely strong external creditor position, even excluding the nonfinancial private sector's external assets. Bermuda's use of a
