SAN JUAN, Puerto Rico, March 5 /PRNewswire-FirstCall/ -- Popular, Inc. announced on Monday that its short-term and senior long-term debt ratings were upgraded by Moody's Investors Service. The senior rating was upgraded to A2 from A3. The short-term rating was raised to P-1 from P-2. The outlook remains stable.
The rating changes reflect Popular's superior financial fundamentals and strong franchise value, including its risk management and regulatory and operating environments. Moody's recently updated its methodology entitled "Bank Financial Strength Ratings" to enhance both transparency and consistency of this type of rating.
"This is great news for Popular and its investors, particularly now when the financial industry is under such pressure," said Richard L. Carrion, Popular's President and CEO. "The upgrade from Moody's acknowledges how strong our franchise is, recognizes our steady track record and gives our management team a vote of confidence."
Short-term credit refers to debt issued with maturities under nine months, while long term-credit refers to maturities over nine months.
New ratings of Popular, Inc. by Moody's Investors Services
Outlook Stable
Senior Unsecured Debt A2
Short Term P-1
Popular, Inc. is a full service financial institution based in Puerto Rico with operations in Puerto Rico, the Caribbean, Latin America and the United States. As the leading financial institution in Puerto Rico, with over 280 branches and offices, the Corporation offers retail and commercial banking services through its franchise, Banco Popular de Puerto Rico, as well as auto and equipment leasing and financing, mortgage loans, consumer lending, investment banking and insurance. In the United States, the Corporation has established a community banking franchise providing complete financial solutions to all the communities it serves. Banco Popular North America operates over 142 branches in California, Texas, Illinois, New York, New Jersey and Florida. Popular Financial Holdings, with 135 retail lending locations, offers mortgage and personal loans, while E-LOAN provides online consumer direct lending to obtain mortgage, auto and home equity loans. The Corporation, through its financial transaction processing company, EVERTEC, continues to use its expertise in technology and electronic banking as a competitive advantage in its expansion through the Caribbean, Latin America, and the United States. The Corporation is exporting its 113 years of experience through these regions while continuing its commitment to meet the needs of retail and business clients through innovation, and to fostering growth in the communities it serves.
