S&P cuts Doral

Standard & Poor's said it lowered its long-term ratings on Doral Financial Corp., including the counterparty credit rating, to B from B+.

The outlook remains negative.

The ratings actions follow a disappointing third quarter that resulted in a $28.7 million loss, even with a positive lower-of-cost-or-market valuation adjustment on loans held for sale, the agency said.

S&P noted that the operating loss was driven by the continued narrowing of the net interest margin, higher credit provisions and trading losses on derivatives.

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