AP NEWS
Press release content from Business Wire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Business Wire
Press release content from Business Wire. The AP news staff was not involved in its creation.

KBRA Releases New Update on Bermuda

May 17, 2019

NEW YORK--(BUSINESS WIRE)--May 17, 2019--

Bermuda was removed from the European Union’s (EU) blacklist for tax havens on May 17. This update is a follow-up to a Kroll Bond Rating Agency (KBRA) research note released on March 19, shortly after Bermuda was placed on the list.

The EU has noted that Bermuda adopted the requisite amendments to its Economic Substance Regulation too late to be considered for the EU’s Economic and Financial Affairs Council meeting held on March 12, as previously noted on KBRA’s earlier statement, prompting its inclusion on the blacklist. The EU has also noted that further clarification of policy needs to be received concerning economic substance regarding collective investment funds, and this is expected by end-December 2019.

KBRA has maintained Bermuda’s rating of A+/K1+ (Stable Outlook) throughout the blacklist period, which has now been largely resolved to Bermuda’s benefit. The speedy removal of Bermuda from the list and the apparent modest associated financial implications have had a limited impact on KBRA’s credit analysis.

KBRA will continue to monitor the credit ratings of Bermuda, including progress on the unresolved issue relating to collective investment funds.

To access the full report on KBRA’s sovereign ratings of Bermuda, click here.

CONNECT
WITH KBRA

Twitter
LinkedIn
Download the iOS App
YouTube

About KBRA and KBRA Europe

KBRA is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider, and is a certified Credit Rating Agency (CRA) by the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is registered with ESMA as a CRA.

View source version on businesswire.com:https://www.businesswire.com/news/home/20190517005482/en/

CONTACT: Analytical Contacts:

Joan Feldbaum-Vidra, Managing Director

(646) 731-2362

jfeldbaumvidra@kbra.com

Alan Madden, Director

+353 (1) 669-2683

amadden@kbra.com

Van Hesser, Senior Managing Director

(646) 731-2305

vhesser@kbra.com

KEYWORD: UNITED KINGDOM UNITED STATES BERMUDA EUROPE NORTH AMERICA CARIBBEAN NEW YORK

INDUSTRY KEYWORD: PROFESSIONAL SERVICES BANKING FINANCE INSURANCE

SOURCE: Kroll Bond Rating Agency

Copyright Business Wire 2019.

PUB: 05/17/2019 02:10 PM/DISC: 05/17/2019 02:11 PM

http://www.businesswire.com/news/home/20190517005482/en