HSBC Bermuda received a double boost after maintaining its credit rating and landing its third consecutive award for Bank of the Year in Bermuda.

Standard & Poor's (S&P) affirmed the bank's credit rating of AA-/Negative/A-1+, citing its "strong competitive position within the Bermuda banking market, excellent credit quality, very high capital ratios, good profitability, and a conservative liquidity position".

HSBC Bermuda CEO Phil Butterfield, said: "The market recognition we have received represents a confirmation of our business strategy and our commitment to the Bermuda market.

"We have maintained our key credit ratings and generally healthy profits in difficult market conditions and we continue to create long-term value propositions for our customers. All our businesses retain a positive outlook and I am confident our signature capital strength will continue to position the bank as a leading financial services provider in Bermuda.

In assigning the rating, S&P highlighted the bank's strategic importance to HSBC Holdings plc.

"Although asset quality has weakened modestly, it remains excellent, largely due to the Bank's conservative lending policies, prudent investment philosophy, and a relatively healthy local economy," said S&P.

HSBC Bermuda's chief financial officer Michael Schrum said: "The bank is very pleased to maintain such a strong rating in the current economic climate. We remain the highest rated bank in the jurisdiction and this rating is a testament to the loyalty and confidence our customers have shown in us."