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Bermuda’s Attorney General Quits As Well

Bermuda’s attorney general and minister of legal affairs Mark Pettingill

Bermuda’s attorney general and minister of legal affairs Mark Pettingill

News Americas, HAMILTON, BERMUDA, Fri. May 23, 2014: Bermuda’s attorney general and minister of legal affairs Mark Pettingill has called it quits in the same week as the country’s premier.

Pettingill resigned as Attorney General and Minister of Legal Affairs resigned three days after Premier Craig Cannonier, serving another blow to the ruling One Bermuda Alliance, (OBA).

Veteran lawyer and Health Minister Trevor Moniz was sworn in as the country’s new AG by Governor George Fergusson.

Pettingill reportedly has been offered, and has accepted, a job with Clarien Bank — the former Capital G Bank.

The resignation came as Moody’s Investors Service said Bermuda’s foreign currency bond ceiling was moved to Aa2 from Aaa and the foreign currency bank deposit ceiling was downgraded to Aa3 from Aa2.

In addition, Moody’s Investors Service said Bermuda’s 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 Wall Street-based rating agency said Bermuda’s local currency bond and deposit ceilings were moved down to Aa2 from Aaa and Aa1, respectively.

Moody’s said the current level of government debt is close to the 29.4 per cent median for sovereigns in the Aa3-A2 rating range in which Bermuda falls under Moody’s Sovereign Bond Ratings methodology.