Shadow Finance Minister Pat Gordon-Pamplin has admitted making a factual error in her comments on the downgrade of Bermuda Government bonds by credit rating agency Moody's.

The United Bermuda Party MP had said that Bermuda had not suffered a downgrade during the 1991-93 recession. Finance Minister Paula Cox hit back by saying the Island did not have a Moody's rating until 1994.

"The Finance Minister has pointed out an inaccuracy in my criticism of Moody's downgrade of Bermuda bond rating to Aa2," Ms Gordon-Pamplin said yesterday.

"She has very correctly pointed out, contrary to my assertion, that during the last recession, we did not have a rating to downgrade. I misread my own notes that the bond rating commenced in 1984 instead of 1994.

"I would nevertheless like to make the point that Bermuda got its high bond rating just as it emerged from a prolonged and difficult recession. This was a remarkable feat for a country without any natural resources.

"I agree with the Minister that some issues are above politics, and she can be assured that there is no need for me to take cheap political shots when the Government all by itself creates some very expensive ones for the Bermudian taxpayer and its reputation.

"I am perfectly happy to correct the record."