Hashtag: #StandardPoors
MP Terry Lister: S&P Revision Was “Inevitable”
It is disappointing for Standard & Poor’s [S&P] to state “the outlook on Bermuda is negative” but this was inevitable, Independent MP Terry Lister said. On Thursday [Mar 28] S&P lowered its outlook on Bermuda from stable to negative and affirmed its ‘AA-/A-1+’ long- and short-term issuer credit ratings on the... Read more of this article
Standard & Poor’s Lowers Outlook On Bermuda
[Updated] Ratings agency Standard & Poor’s [S&P] has lowered its outlook on Bermuda from stable to negative and affirmed its ‘AA-/A-1+’ long- and short-term issuer credit ratings [ICR] on the island. “In our view, Bermuda is experiencing a prolonged economic downturn; deteriorating fiscal performance; and deteriorating loan... Read more of this article
S&P Affirm Oil Insurance Limited Ratings
Standard and Poor’s has affirmed Bermuda-based Oil Insurance Limited [OIL] A- financial strength rating with a Stable Outlook. President and CEO Robert Stauffer commented that “as a result of the high credit quality of our membership, strong capitalization and operational flexibility, OIL has maintained its A- financial strength rating since September... Read more of this article
Standard & Poor’s Downgrades Bermuda Rating
[Updated w/Bob Richards comments] Premier and Finance Minister Paula Cox today [Dec. 29] announced international ratings agency Standard & Poor’s [S&P] has lowered its long-term sovereign rating on Bermuda from AA to AA-. A statement released said, “The Ministry of Finance spoke with S&P today about this latest action and was advised... Read more of this article
S&P Affirms Butterfield’s Ratings
The Bank of N.T. Butterfield & Son Limited announced that, in a rating update dated 13 December 2011, credit rating agency Standard & Poor’s [S&P] has affirmed Butterfield’s long-term credit rating at A- and its short-term customer deposit rating at A-2. S&P also increased the rating of the Bank’s preferred shares to BBB. Brad... Read more of this article
S&P Grades Bermuda An ‘Intermediate Risk’
The Standard & Poor’s Ratings Services said today [Nov.9] it is assigning its Banking Industry Country Risk Assessment [BICRA] on Bermuda at group “3″. It is also assigning an economic risk score of “3″ and an industry risk score of “3″. “We have reviewed the banking sector of Bermuda [AA/Stable/A-1+]... Read more of this article
S&P Affirms HSBC Bermuda Ratings
“Standard & Poor’s affirmation of the Bank’s credit rating of AA-/Negative/A-1+ continues to confirm HSBC Bermuda as the highest-rated bank on the Island,” CEO Philip Butterfield said. In assigning this favourable rating, Standard and Poor’s noted the Bank’s “strong competitive position within the Bermuda banking market,... Read more of this article
Assured Guaranty Respond To S&P
In response to the change by Standard & Poor’s Ratings Services (S&P) of the financial strength ratings of bond insurers Assured Guaranty Corp. and Assured Guaranty Municipal Corp. from AA+ Negative Outlook to AA+ CreditWatch Negative, and the AA Negative Outlook rating of Assured Guaranty Re Ltd. to AA CreditWatch Negative, Dominic Frederico,... Read more of this article
S&P Affirms Butterfield Bank’s Ratings
The Bank of N.T. Butterfield & Son Limited today announced that, in a report dated 31 August 2011, credit rating agency Standard & Poor’s has affirmed Butterfield’s long-term credit rating at A- and its short-term customer deposit rating at A-2. In its report, S&P cited Butterfield’s strong competitive positions in Bermuda and the... Read more of this article
Montpelier Re Update On S&P Ratings
Bermuda based re/insurer Montpelier Re Holdings Ltd. today [Aug.29] announced that Standard and Poor’s has affirmed the BBB counterparty credit rating of Montpelier Re Holdings Ltd. and its A- counterparty credit and financial strength ratings of Montpelier Re unit Montpelier Reinsurance Ltd. with a stable outlook and has upgraded the Company’s... Read more of this article
S&P Downgrades U.S. Credit Rating
Standard & Poor’s announced this evening [Aug.5] that it has downgraded the U.S. credit rating, the first time the U.S has been downgraded since being awarded the top credit ranking by the New York-based company in 1941. “The downgrade reflects our opinion that the fiscal consolidation plan that Congress and the Administration recently agreed... Read more of this article
Standard & Poor’s Affirms Platinum Ratings
Standard & Poor’s has affirmed its ‘A’ counterparty credit and financial strength ratings on Platinum Underwriters Reinsurance Inc. and Platinum Underwriters Bermuda Ltd. S&P also affirmed its ‘BBB+’ counterparty credit rating on Platinum Underwriters Holdings Ltd. The outlook on all of these ratings remains stable. The announcement... Read more of this article
