Fitch Ratings on May 10 affirmed Hamilton, Bermuda-based Bank of N.T. Butterfield & Son Ltd.'s long-term issuer default rating at BBB and viability rating at "bbb."

The rating agency also affirmed Bank of N.T. Butterfield & Son's short-term IDR at F2, support rating at 2, support floor at BBB and subordinated debt rating at BBB-.

According to the rating agency, Bank of N.T. Butterfield & Son's ratings affirmation reflects the company's "good core profitability, solid execution of strategic objectives and disciplined expense management."

The outlook is stable.