S&P lowers Bank of N.T. Butterfield

Standard & Poor’s said it lowered the long-term issuer credit rating and senior unsecured debt rating on the Bank of N.T. Butterfield & Son, Ltd. to BBB from BBB+.

The agency also said it affirmed the bank’s A-2 short-term issuer credit rating on the bank.

The outlook is stable.

The downgrades reflect the downgrade of Bermuda with the ratings on both issuers now lowered by one notch, S&P said.

The ratings on the bank consider the a moderately high likelihood of extraordinary government support from Bermuda, the agency said.

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