Moody's confirms Popular's ratings

Moody's Investors Service said it confirmed the ratings of Popular, Inc. and its subsidiaries, including those of its lead bank subsidiary, Banco Popular de Puerto Rico.

Banco Popular de Puerto Rico's bank financial strength rating was confirmed at D+, its long-term deposits at Baa2 and its short-term ratings at Prime-2. Popular, Inc.'s senior debt rating was confirmed at Ba1 and its senior subordinated debt rating at Ba2.

In addition, Popular, Inc.'s junior subordinated debt rating was confirmed at prospective B1 and its preferred stock rating affirmed at Ca.

With the exception of a stable outlook on the Ca preferred rating, the outlook on the company is negative.

Moody's said that the confirmation of Popular's ratings and negative outlook reflects the successful outcome of the company's exchange offer that has significantly boosted its tier 1 common equity ratio and ratio of tangible common equity to risk-weighted assets on the one hand, and Moody's expectation of continuing elevated credit losses in 2009 and into 2010 on the other.

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