Butterfield's money funds, Butterfield Funds. `Triple A' is S&P's highest rating for money funds.

The AAAm rating signifies the fund has a superior ability to limit exposure to loss at all times and reflects high credit standards and sound management practices.

S&P review the Butterfield Funds portfolio on a weekly basis and has an intensive, annual review process.

Managing director of Butterfield Asset Management (BAM) Peter Wignall said, "Standard & Poor's visited the bank last week for the Butterfield Funds annual ratings review and the funds received affirmation of their respective AAAm and aaa/AAf ratings, as expected.'' The bank's in-house funds rated by S&P are the Butterfield Money Market Fund US Dollar Class, Sterling Class and Canadian Dollar Class and the Butterfield Liquid Reserve Fund.

BAM has been successfully marketing the two cash management funds -- which currently total over $1.5 billion -- to the insurance market in Bermuda.

JEFF CONYERS APPOINTED TO NEW POSITION APP Jeff Conyers appointed to new position TeleBermuda International Ltd. has appointed First Bermuda Securities CEO, Jeff Conyers, as interim general manager for the next six months.

The company said yesterday that Mr. Conyers, deputy chairman since the company's inception, was very familiar with the issues and challenges facing TeleBermuda and is keen to assist the company build on its successes and help prepare it for the next stage of its growth.

Mr. Conyers will continue his responsibilities at First Bermuda Securities.

INSURER EXEL DECLARES QUARTERLY DIVIDEND BUC Insurer EXEL declares quarterly dividend Bermuda insurer, EXEL Ltd. has declared a quarterly dividend payable on the firm's common shares of 40 cents per share, to be paid July 29 to shareholders of record July 15.