Moody's eyes Popular for upgrade

Moody's Investors Service said it placed on review for upgrade the ratings and assessments of Popular, Inc. and its bank subsidiary, Banco Popular de Puerto Rico.

“The review for upgrade was prompted by the continued strength of Popular's balance sheet and operating and financial resilience through the coronavirus pandemic as well as the Puerto Rican government's recent exit from bankruptcy, which Moody's expects will improve the island's economic prospects,” the agency said in a press release.

The review will examine Popular's asset quality resilience and capital and profitability strength, relative to peers as the coronavirus pandemic-related challenges abate, Moody’s said.

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