Moody’s cuts Evertec SGL, reviews

Moody's Investors Service said it placed Evertec Group, LLC's credit ratings, including its B1 corporate family rating and the B1 ratings for its senior secured credit facilities, on review for downgrade, and downgraded its speculative grade liquidity rating to SGL-3 from SGL-1.

Moody's said it placed the ratings on review to reflect the heightened risks to Evertec's business in Puerto Rico, which accounted for about 80% of its revenues.

“Prior to the Hurricane Maria, Evertec's revenues from Puerto Rico had been resilient despite a sustained decline in the Commonwealth's economy. In Moody's view, the disruption in economic activity in Puerto Rico and the severe damage to the infrastructure since Hurricane Maria made landfall have exacerbated Evertec's challenges,” the agency said in a news release.

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