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Fitch puts First Bancorp on rating watch negative

06 October 2017 09:25

Fitch Ratings has placed First Bancorp's 'B-' long-term issuer default rating, 'B' short-term IDR and 'b-' viability rating on rating watch negative due to the uncertainty of the impact caused by Hurricane Maria on Puerto Rico.

Fitch said it believed that the challenges posed by Hurricane Maria, including massive destruction to vital infrastructure, homes, businesses, and other property, could make it difficult for First Bancorp to maintain positive momentum in asset quality, earnings, and deposit funding metrics that the company has reported over the past several quarters.

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