We are revising our outlook on Bermuda to stable from negative. We are affirming our 'AA' long-term and 'A-1+' short-term sovereign credit ratings on the country. The outlook revision reflects receding economic, fiscal, and banking-sector risks compared with our expectations in mid-2009. On Sept. 7, 2010, Standard&Poor's Ratings Services revised its outlook on Bermuda to stable from negative. At the same time, Standard&Poor's affirmed its 'AA' long-term and 'A-1+' short-term sovereign credit ratings on Bermuda. The outlook revision reflects receding economic, fiscal, and banking-sector risks compared with our expectations in mid-2009. The ratings on Bermuda reflect our assessment of one of the highest income levels among rated sovereigns alongside the government's low, although increasing, indebtedness. In
