Fitch lowers Popular

Fitch Ratings said it downgraded Popular, Inc.'s long-term issuer default rating to BBB from A-, senior unsecured rating to BBB from A-, preferred stock to BB+ from BBB+ and individual rating to C from B/C.

Popular's short-term issuer default rating was affirmed at F2.

The outlook is negative.

Fitch said it recognized the company's numerous efforts over the past year to address its near-term challenges but that continued credit quality deterioration and expectations for ongoing pressure in the real estate-related portfolios increase the likelihood that earnings and capital levels will be pressured well into 2009.

Popular's leading franchise in Puerto Rico, diverse business mix and good liquidity support ratings, the agency said.

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