Bermuda Economy Gets AA1 Rating from Moody's
Leading credit rating company
Moody's has given Bermuda its AA1 rating citing prudent economics
and low debt as the key factors. The report by Moody's said that
the continued growth of Bermuda's international business sector
over tourism (up 50% over the past decade) would be a stabilising
factor for Bermuda's economy, and also praised the Bermuda Government
for its moves to encourage e-commerce. Moody's noted that efforts by
the OECD and industrial nations to "harmonise" tax regimes
in offshore centres may pose a possible threat to Bermuda's offshore
business sector, but that any effect would be unlikely to impact
on Bermuda's strong insurance market which makes up the most significant
sector of Bermuda's offshore business, and should continue to
grow. In assessing the importance
of the international business sector to Bermuda's economy, the
report said that its robustness has helped keep total external
debt at a low 15 percent of GDP and unemployment under 2 percent. .
|
|
IMPORTANT NOTICE: TAX-NEWS.COM has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments. All materials on this site copyright TAX-NEWS.COM 1999 to 2007. Contact us for further information.