Bank of N.T. Butterfield & Son Ltd.(The) -- Moody's notes Bank of NT Butterfield's common share offering has positive credit implications

New York, September 09, 2016 -- Moody's Investors Service ("Moody's") said that The Bank of N.T. Butterfield & Son Ltd.'s (Butterfield) common share offering launched on 6 September 2016 is credit positive. The bank's intent to add incremental common equity to its capital base will reduce the concentration of ownership held by private equity investors and expand Butterfield's shareholder group to include a broader range of public market investors. Butterfield is currently rated A3 and Prime-2 for long- and short-term deposits, has an A3 long term issuer rating, Baa1 subordinated debt rating, and a baa3 standalone and adjusted baseline credit assessments. Butterfield is also rated A2(hyb) for its government-backed preferred stock, and has long- and short-term Counterparty Risk Assessments (CR Assessments) of A3(cr) and Prime-2 (cr). The rating outlook is negative.

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