Moody's drops Popular

Moody's Investors Service said it downgraded the bank financial strength rating and the long-term deposit and debt ratings of Banco Popular de Puerto Rico while the debt ratings of its parent, Popular, Inc., were also downgraded.

Regarding the bank's ratings, its BFSR was downgraded to D+ from C, its long-term deposits to Baa2 from A3, Moody's said, noting that its short-term ratings were affirmed at Prime-2.

Regarding Popular, Inc.'s ratings, its senior unsecured rating was lowered to Ba1 from Baa1 and its subordinated rating to Ba2 from Baa2, the agency said.

In addition, Popular, Inc's junior subordinated rating was downgraded to B1 from Baa2 and its preferred rating to Ca from Baa3, the agency said.

All the ratings, other than the preferred rating of the holding company, remain on review for further possible downgrade, Moody's said.

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