Moody's lowers Doral debt

Moody's Investors Service said it downgraded to Ba3 from Ba1 the senior debt and to B1 from Ba2 the subordinated debt of Doral Financial Corp.

The agency noted Doral has recently disclosed that it will not be able to file restated financial reports as formerly indicated and this is the main reason for the downgrade.

However, Moody's noted, with a very strong position in the Puerto Rico mortgage market, Doral's franchise remains robust.

Nevertheless, the negative outlook captures continued uncertainty regarding the longer term prospects for Doral, the agency added.

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