FirstBank Puerto Rico - S&P Global Ratings’ Credit Research

FirstBank Puerto Rico

FirstBank Puerto Rico - S&P Global Ratings’ Credit Research
FirstBank Puerto Rico
Published Dec 10, 2007
5922 words — Published Dec 10, 2007
Price US$ 500.00  |  Buy this Report Now

About This Report

  
Abstract:

Strong market position and brand name as Puerto Rico's second-largest bank Historically very low residential mortgages net charge-offs (NCOs) in Puerto Rico Improved capital ratios Weakening credit quality metrics Heavy reliance on wholesale funding sources Limited geographic concentration The rating on FirstBank Puerto Rico (FirstBank) reflects its strong market position in Puerto Rico and improved adjusted capital ratios. This in part is offset by weakening credit quality metrics reflecting FirstBank's challenged operating markets including climbing provisions for loan losses affecting profitability growth. We see credit quality as the main risk facing the company in the near future although we do not expect significant credit quality deterioration. The rating also considers FirstBank's heavy reliance on wholesale funding sources and its geographically

  
Brief Excerpt:

RESEARCH FirstBank Puerto Rico Publication date: 10-Dec-2007 Primary Credit Analyst: Lidia Parfeniuk, Toronto (1) 416-507-2517; lidia_parfeniuk@standardandpoors.com Secondary Credit Analysts: Robert Hansen, New York (1) 212-438-7402;...

  
Report Type:

Full Report

Ticker
FBP
Issuer
FirstBank Puerto Rico
GICS
Regional Banks (40101015)
Sector
Asset-Backed Securities , Financial Institutions , Global Issuers , Structured Finance
Country
United States
Region
United States
Format:
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S&P Global Ratings’ Credit Research—S&P Global Ratings’ credit research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P Global Ratings also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "FirstBank Puerto Rico" Dec 10, 2007. Alacra Store. May 15, 2025. <http://www.alacrastore.com/s-and-p-credit-research/FirstBank-Puerto-Rico-618671>
  
APA:
S&P Global Ratings’ Credit Research. (). FirstBank Puerto Rico Dec 10, 2007. New York, NY: Alacra Store. Retrieved May 15, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/FirstBank-Puerto-Rico-618671>
  
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