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Article Excerpt
Moody's Investors Service downgraded the bank financial strength rating (BFSR) and the long-term deposit and debt ratings of Banco Popular de Puerto Rico (BPPR). The debt ratings of its parent, Popular, Inc., were also downgraded. Regarding BPPR's ratings, its BFSR was downgraded to D+ from C, its long-term deposits to Baa2 from A3. Its short-term ratings were affirmed at Prime-2. Regarding Popular, Inc.'s ratings, its senior unsecured rating was lowered to Ba1 from Baa1and its subordinated rating to Ba2 from Baa2. In addition, Popular, Inc's junior subordinated rating was downgraded to B1 from Baa2 and its preferred rating to Ca from Baa3. All the ratings, other than...
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