Banking, finance, and taxes
Moody's Warns of Bank Downgrades in Puerto Rico (STD, BBVA, BPOP)
Published:
Last Updated:
More debt downgrade warnings are looming on the horizon. This time for Puerto Rico, a nation which many consider the unspoken fifty-first state in America. Moody’s Investors Service has now placed certain ratings of the Puerto Rican subsidiaries of Banco Santander SA (NYSE: STD), Banco Bilbao Vizcaya Argentaria SA (NYSE: BBVA) and also of Banco Popular Inc. (NASDAQ: BPOP) on a rating review for a possible credit rating downgrade.
Moody’s review stated that Puerto Rico’s ongoing recession continues to have an adverse impact on its financial institutions. It also noted weak prospects for a sustainable recovery in the coming years.
Shares of Banco Popular are down 0.5% at $1.80 this morning against a 52-week trading range of $1.08 to $3.30. The Spanish banks are up on news that peripheral debt sales in Europe might not be as bad as the indications were signaling in Spain earlier this week. Banco Santander, S.A. (NYSE: STD) is up 4.5% at $6.80 and Banco Bilbao Vizcaya Argentaria, S.A. (NYSE: BBVA) is indicated up 6% at $7.20.
JON C. OGG
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
