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Moody's lowers Doral Financial
Moody's Investors Service said it downgraded the senior unsecured debt rating of Doral Financial Corp. to C from Caa3.
Doral Financial's lead bank, Doral Bank, is unrated.
The agency also downgraded the senior secured bonds issued by Doral Properties, Inc. through the Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority (Afica) to C from Caa3. Doral Properties, Inc. is a wholly owned subsidiary of Doral Financial, which is legally responsible for the payments on the Afica bonds that are currently outstanding.
Moody's said the downgrade of Doral Financial's senior debt rating to C reflects a high likelihood that the company will default, combined with a low expected recovery rate for the holding company's senior creditors.
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