CaribWorldNews, NEW YORK, NY, Thurs. April 30, 2009: The government of Bermuda has been knocked off its Aaa bond ratings rank by Moody’s Investors Service.
Moody’s lowered the bond ratings to Aa2 Wednesday, amid the global credit crisis and recession, which have affected the dependent territory’s insurance industry.
Moody’s said it made the decision since the nation was vulnerable to external shocks due to its small size and lack of diversity. `While we do not see a major threat to the viability of the industry, the dynamism experienced over the past decade in this industry could be considerably lessened,` said Moody’s vice president Steven Hess.
However, the outlook for the island remains stable.