S&P: Popular outlook negative

Standard & Poor's said it revised the outlook on Popular Inc. to negative from stable and affirmed its BBB+/A-2 counterparty credit rating.

The outlook revision reflects reduced profitability, deterioration in credit quality and lower capital ratios, according to the agency.

Popular has gotten access to the capital markets, the agency noted, selling $400 million of preferred shares in the second quarter and $350 million of medium-term notes in the third quarter.

Ratings also reflect the bank's strong competitive position in Puerto Rico, its diversified loan portfolio and adequate capital ratios, the agency said.

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