In accordance with the Fitch Ratings report titled 'U.S. Banks - Sovereign Support: When Does it End' dated Dec. 15, 2011, Fitch has downgraded the Support and Support Floor Rating for Banco Popular de Puerto Rico to '5' and 'NF' from '4' and 'B', respectively.
There are no implications for Popular Inc.'s long- or short-term Issuer Default Rating or issue-level ratings as a result of today's action.
Fitch has downgraded and removed the following ratings from Rating Watch Negative:
Banco Popular de Puerto Rico
--Support to '5' from '4';
--Support floor to 'NF' from 'B'.
Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.
Applicable Criteria and Related Research:
--'U.S. Banks - Sovereign Support: When Does it End', Dec. 15, 2011;
--'Rating Banks in a Changing World: Credit Ratings Reflect Evolving Risk Profiles', Oct. 13, 2011;
--'ICB Recommendations: A Step Change for UK Banks', Sept. 14, 2011;
--'Global Financial Institutions Rating Criteria', Aug. 16, 2011;
--'Global Financial Institutions Snapshot', Aug. 15, 2011
--'Viability Ratings: An Introductory Primer', July 20, 2011
--'Resolution Regimes and the Future of Bank Support', Dec. 14, 2010;
--'U.S. FI Ratings Potentially Impacted by Proposed New FDIC Rules', Oct. 20, 2010.
Applicable Criteria and Related Research:
Global Financial Institutions Snapshot
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=609947
Viability Ratings: An Introductory Primer
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=645609
Resolution Regimes and the Future of Bank Support
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=584946
Rating Banks in a Changing World (Credit Ratings Reflect Evolving Risk Profiles)
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=653478
ICB Recommendations: Step Change for UK Banks
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=651391
Global Financial Institutions Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=649171
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