Bermuda's ratings downgraded by Moody's

International ratings agency Moody's Investors Services has downgraded Bermuda's rating by another notch, reiterating its concerns about government's mounting debt and lack of an economic recovery.



Moody's lowered Bermuda to Aa3, three notches below the top triple-A level stating that the outlook is negative, reflecting uncertainty about government's debt trajectory over the medium term.



The move ends a review for a potential cut that began on April 3 when Moody’s put Bermuda on a downgrade watch.



The ratings agency said then, that the review was prompted by the island’s steep rise in government debt and its ongoing recession since the global financial crisis.



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