Commenting on the announcement, Richard Ferrett, Executive Vice President and Chief Financial Officer, Bank of Butterfield said, "The Bank is already on positive watch from Moody's and it is pleasing to note that our financial strength rating has now been raised two levels, from D+ to C. Banks rated C by Moody's possess good intrinsic financial strength with valuable and defensible business franchises. The upgrade reflects continued recognition of our earnings growth, coupled with our strong capital position and low-risk balance sheet."
Note to Editors: Bank of Butterfield is a publicly traded corporation with its shares listed on the Bermuda and Cayman Islands stock exchanges. The Bank's share price is published daily in The Royal Gazette and is also available on Bloomberg Financial Markets (symbol: NTB.BH) and The Bermuda Stock Exchange web site: www.bsx.com. Further details on the Bank can be obtained from its web site at: www.bankofbutterfield.com.