S&P downgrades Bermuda to AA- on methodology change
Rating agency Standard & Poor's (S&P) has downgraded its long-term sovereign rating of Bermuda from AA to AA-, citing a revised sovereign rating methodology. The rating has a stable outlook.
The agency explained that its new methodology places greater weight on a sovereign's own monetary flexibility, even when that country largely uses the currency of a larger sovereign, as is the case with Bermuda's currency peg to the US dollar.
S&P also affirmed the territory's A-1+ short-term rating on the...
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