This report supplements our research update "Bermuda Ratings Lowered To 'A+' From 'AA-' As Weak Economic Performance Continues; Outlook Stable," published April 28, 2015. To provide the most current information, we may cite more recent data than that stated in the previous publication. These differences have been determined not to be sufficiently significant to affect the rating and our main conclusions. The ratings on Bermuda reflect the island's continuing weak economic performance, persistent government deficits, and increases in debt burden, which Standard&Poor's Ratings Services expects will continue through its two-year outlook horizon. The ratings also reflect our view of Bermuda's effective and predictable policymaking, external creditor position, and high GDP per capita. The island's economy remains in recession:
