Fitch Rating Embarrasses UBP
Bob Richards and Pat Gordon Pamplin have egg all over their faces. Just a day after they engaged in a fearmongering attack over Bermuda's economy (an attack predicted by Premier Brown), Finance Minister Paula Cox announced some wonderful economic news:
Bermuda's creditworthiness has been given a vote of confidence by credit ratings firm Fitch.
The firm yesterday announced it had affirmed the Island's long-term issuer default rating (IDR) at AA+ and its country ceiling rating at AAA, with a stable outlook.
"I am delighted that this confirmation of Bermuda's excellent credit standing and the endorsement of Government's economic policy measures come in the midst of these troubling economic times.
Finance Minister Paula Cox said yesterday that Government was "immensely pleased with this objective endorsement".
Well, well, well Mr. Richards and Ms. Gordon Pamplin. Perhaps we don't need to cancel the Bermuda Music Festival after all?
This is excellent economic news and proof that despite the international economic downturn from which Bermuda is not immune, the PLP government's effective management of our economy combined with our platinum period tourism product enhancements will ensure that Bermuda is well prepared to weather the economic storm.
Fitch:
"The ratings also reflect Bermuda's strong offshore international financial centre underpinned by a proven track record of effective management of the economy and business environment," said Casey Reckman, associate director in Fitch's sovereign group.
"Complementing Bermuda's strong political institutions, financial system supervision continues to improve and uphold high international regulatory standards."
Did you hear that Bob Richards? How about you Grant Gibbons? Pat? Milkman? Hear that? It's so good, it's worth repeating:
"The ratings also reflect Bermuda's strong offshore international financial centre underpinned by a proven track record of effective management of the economy and business environment."
That's right UBP, effective management of the economy and the business environment. Hardly "lights out," Mr. Gibbons. But, that's not the only thing that warrants repeating. Here's the money quote from the independent, well respected economic analysis:
"Complementing Bermuda's strong political institutions, financial system supervision continues to improve and uphold high international regulatory standards."
Strong political institutions! Financial supervision that is continuing to improve! Upholding high international regulatory standards!
Well, well, well, Mr. Richards, Ms. Gordon-Pamplin - might we offer you some napkins to clean all of that egg off of your faces?
And, for those of you in the media, we have a message for you as well. We know how much you like to trumpet fearmongering economic critiques from the UBP on your front page and in your editorial pages. Perhaps an editorial decrying the UBP for economic fearmongering based on the sound analysis of this independent, highly respected analysis is in order.
