The European publication ranked the Island 33rd out of 186 countries with a risk score of 68.21 in its June 2011 study, up 37 places from the previous one in March 2011.
The country, which came out higher than Spain, Brazil and Ireland, received the overall rating based on a range of political, economic, structural, debt indication and credit rating risk criteria. Its political risk score is now higher than the average score for European Union member states.
Bermuda, which was sandwiched between Kuwait and the UAE, topped the Bahamas in 46th place with a score of 59.43 and Trinidad & Tobago in 99th with 39.32.
Top of the overall rankings was Norway with 92.44 points, Luxembourg with 90.86 and Switzerland with 90.2.
Bottom of the Caribbean pile was Antigua and Barbuda with a score of 9.3 and Cuba with 14.31.
(Parts of this article were written with content submitted in a Royal Gazette Online publication)