Moody’s changes N.T. Butterfield view to stable

Moody’s Investors Service said it changed the outlook for the Bank of N.T. Butterfield & Son Ltd. to stable from positive.

“In changing the rating outlook to stable from positive, Moody’s noted the global spread of the coronavirus is resulting in simultaneous supply and demand shocks. These shocks are expected to materially slow economic activity, globally and in Bermuda, particularly in the first half of this year. Fear of contagion will dampen consumer and business activity and the longer it takes for households and businesses to resume normal activity, the greater the economic impact,” the agency said in a press release.

Moody’s also affirmed the A3 long-term issuer subordinated debt ratings.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.