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 on the territory. The ratings reflect our view of Bermuda's net external creditor status, moderate and improving fiscal deficits and low debt burden, effective and predictable policymaking, high GDP per capita, and lack of monetary flexibility. We are lowering our transfer and convertibility assessment to 'AA+' from 'AAA'. The stable outlook reflects our expectations that real GDP annual growth will be 2% or more in 2016 and 2017, assisting the government in returning to fiscal balance by fiscal year 2017 or 2018. On April 28, 2016, Standard&Poor's Ratings Services affirmed its 'A+' long-term issuer credit
