BERMUDA — The Progressive Labour Party (PLP) Government in Bermuda recorded its first budget surplus in more than twenty years and plans to repay $605 million of national debt at the beginning of 2027. This planned repayment represents just under twenty percent of Bermuda's national debt and is the largest in the country's history.

In the spring of 2026, S&P lifted Bermuda's credit outlook to positive. Also in the spring of 2026, Moody's upgraded Bermuda's credit rating, marking the first such upgrade since the rating was cut in 2016.

The government balanced its budget and achieved a surplus prior to the collection of any corporate income tax revenue, following the implementation of a global minimum corporate income tax. Columnist Shomari Talbot-Woolridge commented on the developments. "S&P lifted our outlook to positive," Talbot-Woolridge said. "Moody's upgraded us outright, our first upgrade in nearly a decade." He added, "Under Premier David Burt, the PLP Government balanced the budget and posted a surplus before a single dollar of corporate income tax was collected." Talbot-Woolridge further stated, "Under Premier David Burt, the PLP Government is on track to wipe out just under twenty percent of our debt in one stroke at the beginning of 2027. A $605 million repayment, the largest in our history."