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Moody's may downgrade Popular
Moody's Investors Service said it placed the ratings of Popular, Inc. and its subsidiaries on review for possible downgrade, including Popular's P-1 commercial paper, Baa1 preferred stock and A2 senior unsecured bonds, Banco Popular de Puerto Rico's A1 issuer rating and Popular North America, Inc.'s P-1 commercial paper and A2 senior unsecured regular bonds.
The agency said the review reflects its opinion that the ongoing credit market disruption will make it more challenging for Popular to finance its Popular Financial Holdings consumer loan subsidiary. That subsidiary is the source of most of Popular's U.S. subprime mortgage portfolio and has been financed largely with short- and medium-term wholesale borrowings.
The review will focus on Popular's ability to obtain additional sources of holding company liquidity beyond the capital markets, Moody's said.
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