Fitch Ratings has affirmed the long-term issuer default ratings (IDR) and short-term issuer ratings for The Bank of N.T. Butterfield & Son Limited (Butterfield). The Rating Outlook remains Stable. A complete list of ratings is shown below.
Butterfield's ratings reflect the company's low credit risk, its highly liquid balance sheet, its solid niche in offshore asset management/administration activities, and its strong and consistent earnings record. Capital levels have increased in recent periods and are considered appropriate for the bank's risk profile.
Fitch has affirmed the following ratings with a Stable Outlook:
The Bank of N.T. Butterfield & Son Limited
--Long-term issuer default rating (IDR) 'A';
--Long-term subordinated 'A-';
--Short-term issuer 'F1';
--Individual 'B'
--Support '3.'
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.
