08.09.2016 19:12:00
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Moody's: Rated Puerto Rico banks can absorb additional stress amid Commonwealth's recession
New York, September 08, 2016 -- Owing to the Commonwealth of Puerto Rico's (Caa3 developing) significant economic and operating challenges, the three rated banks: Banco Santander Puerto Rico (BSPR, A2/Baa2 stable, ba3), Banco Popular de Puerto Rico (Popular, Ba2/B2 negative, b1) and FirstBank (B1/Caa1 negative, b3) will continue to endure high levels of problem assets and anemic prospects for earnings and growth in 2017, despite de-risking and cost cutting efforts, Moody's Investors Service says in a new report.