The impact of the COVID-19 pandemic will cause Bermuda's economy to contract sharply in 2020, which will result in a sizable fiscal deficit. Nevertheless, we expect that Bermuda's moderate net general government debt burden, healthy current account surpluses, and large liquid assets will support the territory though the economic recovery next year. Accordingly, we are affirming our 'A+/A-1' long- and short-term sovereign credit ratings on Bermuda, and our 'A+' long-term rating on the territory's unsecured debt. The outlook remains stable. On Aug. 12, 2020, S&P Global Ratings affirmed its 'A+' long-term sovereign credit and senior unsecured debt ratings, its 'A-1' short-term rating, and its 'AA+' transfer and convertibility assessment on the territory. The outlook remains stable. The stable outlook reflects
