HAMILTON, Bermuda, CMC - Cash-strapped Bermuda has received a fresh warning its credit rating may be downgraded as the island's debts mount in the midst of a four-year recession.
International ratings agency, Moody’s Investors Service, on Wednesday placed Bermuda’s Aa2 rating on review for possible downgrade.
The warning came just days after another leading agency, Standard and Poor’s (S&P), said it might downgrade the island’s credit rating. S&P affirmed Bermuda’s "AA-/A-1+" long- and short-term issuer credit rating last Thursday, but revised its outlook from "stable" to "negative".