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Moody's Lowers Rating On Bank Popular

Stock quotes in this article: BPOP  

NEW YORK (AP) — Moody's Investor Service on Tuesday downgraded ratings of Banco Popular de Puerto Rico and its parent, Popular Inc., a day after the company suspended preferred dividends and announced an exchange offer to raise common equity.

Moody's cut Banco Popular de Puerto Rico's financial strength rating to "D+" from "C," and the bank's long-term deposits to "Baa2" from "A3."

Moody's also lowered debt ratings of Popular Inc. The company's senior unsecured rating was reduced to "Ba1" from "Baa1," its subordinated rating to "Ba2" from "Baa2" and its preferred rating to "Ca" from "Baa3." ...

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