Satisfactory market position and brand recognition in Puerto Rico Adequate capital Weak loan performance High geographic concentration in troubled markets Persistent net losses due to high levels of nonperforming assets Heavy, though reduced, reliance on wholesale funding The negative outlook on FirstBank Puerto Rico reflects the poor economic conditions in Puerto Rico. In Standard&Poor's Ratings Services' view, this could cause further deterioration in the bank's asset quality, which could hurt profitability and capital growth. We do not see the bank returning to consistent profitability in the near term. If its nonperforming assets increase and net charge-offs remain elevated, or if we believe the bank is unable to return to sustainable profitability, we could lower the rating. We could
