New York, May 16, 2013 -- Moody's Investors Service has downgraded Bermuda's government bond rating to Aa3 from Aa2 and placed a negative outlook on the rating. In addition, the foreign currency bond ceiling was moved to Aa2 from Aaa and the foreign currency bank deposit ceiling was downgraded to Aa3 from Aa2. Furthermore, the local currency bond and deposit ceilings were moved down to Aa2 from Aaa and Aa1, respectively. These actions do not affect the Prime-1 country ceilings for Bermuda. The rating action concludes the review for possible downgrade that was initiated on April 3.

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