Steady performance in Bermuda's key insurance industry, along with the smooth implementation of the new corporate income tax (CIT), will support fiscal consolidation and lower government debt. We believe this, together with prudent institutions and a wealthy economy, will somewhat insulate Bermuda from the effects of shifts in global trade and elevated market volatility. S&P Global Ratings affirmed its 'A+/A-1' long- and short-term sovereign credit ratings on Bermuda, and its 'A+' long-term rating on the territory's unsecured debt. The outlook is stable. On May 13, 2025, S&P Global Ratings affirmed its 'A+' long-term sovereign credit and senior unsecured debt ratings, as well as its 'A-1' short-term rating, and 'AA+' transfer and convertibility assessment on Bermuda. The outlook is stable. The
