"To reply to this, I would like to quote three sentences from the July 2, 2021, Moody's annual credit analysis. These are: "The Government also continues to develop its fintech sector on the island, using its strong regulatory framework to become an incubator in this globally developing sector. The regulator maintains high standards to protect its world-renowned reputation. "If the fintech sector becomes successful, it will likely help diversify the economy, building on Bermuda's established financial sector." Given the focus globally on digital and fintech matters, and Bermuda's own work in this regard, it is to be expected therefore that all reputable rating agencies will carry out an assessment in this area. It is noteworthy that the conclusions reached by Moody's in this regard are not dissimilar to the relevant views also expressed by the Kroll Bond Rating Agency.