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Butterfield Comments on Ratings Changes
Hamilton, Bermuda─11 March 2009 - The Bank of N.T. Butterfield & Son Limited ("Butterfield") reports that credit rating agency Fitch has affirmed the Bank's short-term customer deposit rating at F1 following Butterfield's announcement of a $200 million preference share issuance to be guaranteed by the Government of Bermuda. An F1 rating is the highest short-term credit quality rating awarded by Fitch and indicates the strongest intrinsic capacity for timely payment of financial commitments over a 13-month period.
Fitch has also upgraded Butterfield's Support Rating from €˜3' to €˜1', which indicates that there is an extremely high probability of external support and that the potential provider of support (i.e., the Government of Bermuda) is very highly rated in its own right. Fitch also adjusted the Bank's long-term debt rating to 'A-' from 'A€˜, which is now equivalent to the (long-term) rating Butterfield received from Standard & Poor's (S&P).
S&P announced Friday that it had raised the Bank's €˜outlook' from CreditWatch Negative to CreditWatch Developing and that it expects to affirm the current 'A-' long-term counterparty credit rating following the Bank's successful implementation of its capital plan. The S&P report noted the strength of Butterfield's loan portfolio and the likelihood of good profitability in 2009.
A Butterfield spokesperson said, "We are pleased that S&P recognises the strength of the actions Butterfield has taken to establish an additional capital buffer and that Fitch has raised our support rating and affirmed our short-term credit quality rating. The decision to enhance our capital position will provide an additional capital buffer and will help us remain the strong and vital company that we have been for over 150 years."
Notes:
The Bank of N.T. Butterfield & Son Limited ("Butterfield") is Bermuda's first and largest independent bank, and a specialist provider of international financial services. The Butterfield group offers a full range of community banking services in Bermuda, Barbados and the Cayman Islands, encompassing retail and corporate banking and treasury activities. In the wealth management area, the group provides private banking, asset management and personal trust services from its headquarters in Bermuda and subsidiary offices in The Bahamas, the Cayman Islands, Guernsey, Hong Kong, Malta, Switzerland and the United Kingdom. Butterfield also provides services to corporate and institutional clients from offices in Bermuda, The Bahamas, the Cayman Islands and Guernsey, which include asset management and corporate trust services. Butterfield is a publicly traded corporation with shares listed on the Bermuda and Cayman Islands stock exchanges. Further details on the Butterfield group can be obtained from our website at: www.butterfieldgroup.com.
Investor Relations Contact:
Richard Ferrett
Executive Vice President, Chief Financial Officer
The Bank of N.T. Butterfield & Son Limited
Phone: (441) 299 1643
Fax: (441) 295 1220
E-mail: richard.ferrett@butterfieldgroup.com
Media Relations Contacts:
Dianne Brewer
Senior Vice President
The Bank of N.T. Butterfield & Son Limited
Phone: (441) 299 3979
Cellular: (441) 524 1077
Fax: (441) 295 3878
E-mail: dianne.brewer@ butterfieldgroup.com
Mark Johnson
Assistant Vice President
The Bank of N.T. Butterfield & Son Limited
Phone: (441) 299 1624
Cellular: (441) 524 1025
Fax: (441) 295 3878
E-mail: mark.johnson@bm.butterfieldgroup.com