Fitch puts Banco Santander Puerto Rico on negative watch

Fitch Ratings said it placed Banco Santander Puerto Rico’s long-term issuer default rating on ratings watch negative subsequent to the announced sale of BSPR to First Bancorp.

Fitch equalizes BSPR’s rating with that of its parent Santander Holdings USA Inc., because it expects the parent will provide help if needed.

The ratings watch negative placement reflects First Bancorp’s lower rating than that of Santander Holdings.

“Fitch believes that the combined entity of BSPR and FBP will exhibit operating performance and an overall risk profile at a rating below that of BSPR’s current rating,” said the agency in a press release.

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