The Bank of Bermuda has confirmed its status as the highest-rated bank on the Island after maintaining its positive AA-/Stable/A-1+ credit rating assigned by Standard and Poor's (S&P).

In assigning the rating, S&P noted the bank's, "excellent credit quality, very high capital ratios and strong competitive position within the Bermuda banking market".

Also supporting the rating was the bank's strategic importance to HSBC Holdings plc.

S&P said: "The stable outlook reflects the Bank of Bermuda's conservative balance sheet and strong operating performance, and is consistent with the stable outlook on HSBC Holdings plc."

Chief financial officer, Nigel Crow, said the rating reaffirms Bank of Bermuda's strength in the local banking market despite tough global economic conditions.

"There is no doubt that 2008 has presented challenging economic conditions for banks and financial markets around the world," he said."To have received such a positive outlook and maintained our high credit rating in these testing times, speaks to Bank of Bermuda's strength.

"We remain the highest rated bank in the jurisdiction and this rating is a reflection of the hard work of Bank of Bermuda's staff and management. We would like to thank our customers for their continued support."