This page includes Regulatory news filings supplied by issuers listed on the BSX. Please note the BSX is not responsible for the content, accuracy or completeness of announcements filed by issuers and disclaims all liability for any loss arising from reliance on information contained within issuer announcements.
Fitch Affirms Butterfield’s Issuer Default Ratings; Raises Viability Rating
Hamilton, Bermuda – 11 June, 2013 – The Bank of N.T. Butterfield & Son Limited (the “Bank” or “Butterfield”; Ticker: NTB.BH) announced that credit rating agency Fitch has today affirmed Butterfield’s long-term Issuer Default Rating (“IDR”) at A- and retained its stable outlook. Fitch also upgraded the Bank’s stand-alone Viability Rating (“VR”) to bbb- from bb+. The overall rating of A- is consistent with the equivalent ratings of the other two major rating agencies.
Explaining the increase in Butterfield’s VR, the Fitch report noted Butterfield’s strong market position, liquid balance sheet, good capital levels, and diversified revenue stream (with fee based revenues representing almost 40% of total revenues).
The above rating affirmations and changes follow Fitch’s downgrade of Bermuda on 7 June, 2013. Butterfield’s IDR and outlook were unaffected by that downgrade.
Brendan McDonagh, Butterfield’s Chairman & Chief Executive Officer, said, “It is pleasing that Fitch has recognised the strength of Butterfield’s balance sheet in affirming the Bank’s credit ratings and raising its Viability Rating. This reflects the intrinsic creditworthiness of the Bank and the effectiveness of our current risk management, financial management and corporate governance approach.”
Complete details regarding the outcome of Fitch’s Rating Committee review of Butterfield are available in the Fitch release dated 11 June, 2013.
Notes to Editors:
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 and the Cayman Islands, encompassing retail and corporate banking and treasury activities. Butterfield also provides private banking, asset management and personal trust services from its headquarters in Bermuda and subsidiary offices in the Cayman Islands, Guernsey and the United Kingdom. In Switzerland and The Bahamas, Butterfield provides personal trust and company services. Butterfield is a publicly traded corporation with shares listed on the Bermuda and Cayman Islands stock exchanges. Butterfield’s share price is published daily in The Royal Gazette (www.theroyalgazette.com ) and is also available on Bloomberg Financial Markets (symbol: NTB BH) and the Bermuda Stock Exchange website (www.bsx.com ). Further details on the Butterfield Group can be obtained from our website at: www.butterfieldgroup.com
Investor Relations Contact:
John Maragliano
Senior Vice President, Finance
The Bank of N.T. Butterfield & Son Limited
Phone: (441) 298 4758
Fax: (441) 295 2899
E-mail: john.maragliano@butterfieldgroup.com
Media Relations Contact:
Mark Johnson
Vice President, Communications, Brand & Public Affairs
The Bank of N.T. Butterfield & Son Limited
Phone: (441) 299 1624
Cellular: (441) 524 1025
Fax: (441) 295 3878