Fitch lowers Butterfield preferreds

Fitch Ratings said it downgraded Bank of N.T. Butterfield & Son Ltd.'s preferred stock rating to A+ from AA-.

The action reflects the downgrade of Bermuda's long-term foreign currency issuer default rating to A+ from AA- on May 30.

Fitch said Butterfield's preferred stock rating is equalized with Bermuda's foreign currency long-term issuer default rating of A+, reflecting the guarantee from the government of Bermuda. The Ministry of Finance agreed to guarantee the principal and dividends on Butterfield's preferred stock when it was issued in 2009.

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