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.
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