The Bank of Butterfield received a boost to morale as the credit rating agency Moody's upped the bank's rating after seeing its latest earnings.

Moody's changed from stable to positive its outlook on the bank. Butterfield's current ratings are A3 and Prime-2 for deposits and D plus for financial strength.

In changing the outlook, Moody's cited Butterfield's improved earnings and asset quality performance over the past 15 months and took into consideration the bank's `relatively moderate size' and its geographic location.

Bank of Butterfield executive vice president and chief financial officer Richard Ferrett said: "We are pleased that the strong earnings growth Bank of Butterfield is now achieving throughout its core business, both in Bermuda and overseas, coupled with the Bank's strong capital position and low balance sheet, has been recognised by Moody's the world renowned credit rating agency.'' GLOBAL CROSSING SIGNS $100M DEAL BUC Global Crossing signs $100m deal ROCHESTER, New York (Reuters) -- Global Crossing North America said it had signed a $100 million services contract with Minneapolis' Eschelon Telecom Inc. and will take a $5 million stake in Eschelon.

Global Crossing North America, a unit of fibre optic network operator Global Crossing Ltd., will provide Eschelon voice and data services.

Global Crossing North America's $5 million equity stake in Eschelon, a telecommunications services provider, will help that company expand its network.

The investment brings Eschelon's total capital raised to $267 million.

Eschelon provides service in 12 US markets.