Fitch affirms Bermuda’s high ratings

US credit rating agency, Fitch, has affirmed its high ratings on Bermuda\'s creditworthiness and says the island is in a strong starting position for facing the global economic crisis.



Fitch Ratings has maintained Bermuda\'s foreign currency Issuer Default Rating at double A plus and its local currency IDR at triple A.



The agency also says a high per-capita income of more than US$97,000, a low public-debt burden and effective management of the business and economic environment supported the island\'s ratings.



However, Fitch added that it expected the gross domestic product (GDP), the sum of goods and services produced, to fall by two per cent in 2009 and recover only modestly next year.



The agency also expects Bermuda’s government debt to rise to 11.6 per cent of GDP.