Moody's affirms Popular

Moody's Investors Service said it affirmed Popular, Inc.'s A3 senior debt rating.

The outlook is negative.

The affirmation follows Popular's plans to sell the majority of the assets remaining at its subsidiary Popular Financial Holdings to units of Goldman Sachs & Co., including nearly $1.2 billion in mortgage loans and servicing assets.

According to Moody's, although the sale will cause Popular to report a sizable net loss for the full year of 2008, the sale proceeds will cover a significant portion of holding company debt maturing in 2009.

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