We are affirming our 'A+' long-term sovereign credit and senior unsecured debt ratings on Bermuda. We are also affirming our 'A-1' short-term rating and our 'AA+' transfer and convertibility assessment on the territory. The ratings reflect our view of Bermuda's effective and predictable policymaking, very high GDP per capita, small and improving fiscal deficits, moderate debt burden, net external creditor status, and lack of monetary flexibility. The stable outlook reflects our expectations that fiscal deficits will continue to improve, resulting in no significant increase in debt; real GDP annual growth will be about 1% in 2017; and the territory will remain a net external creditor in the next two years. On April 26, 2017, S&P Global Ratings affirmed its 'A+'
