Moody’s cuts Evertec, facilities to B2

Moody's Investors Service said it downgraded Evertec Group, LLC's corporate family rating and the ratings for its senior secured credit facilities to B2 from B1.

As part of the action, the agency downgraded Evertec's probability of default rating to B3-PD from B1-PD, and affirmed its SGL-3 liquidity rating.

This concludes the review that was initiated on Oct. 9.

The outlook is stable.

Moody’s said the downgrade reflects its view that Evertec faces high business uncertainty in Puerto Rico, which accounted for about 80% of its revenues, that will likely extend beyond the recovery efforts following Hurricane Maria.

The widespread damage caused by the hurricane has added new risks to an already fragile economy of the commonwealth, the agency noted.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.