S&P Global Ratings on May 11 raised Hamilton, Bermuda-based Bank of N.T. Butterfield & Son Ltd.'s long-term issuer credit rating to BBB+ from BBB. The outlook is "positive."
The rating agency also upgraded Bank of N.T. Butterfield & Son's subordinated debt rating to BBB from BBB-. According to the rating agency, Bank of N.T. Butterfield & Son's upgrade "incorporates the company's longer track record of strong market position in Bermuda and the Cayman Islands, a more diversified investor base, improved management stability, and a stable operating performance."
In addition, S&P Global Ratings also affirmed Hamilton, Bermuda-based HSBC Bank Bermuda Ltd.'s issuer credit ratings of A-/A-2. The outlook remains "negative."
This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings. The original S&P Global Ratings documents referred to in this news brief can be found here.
