NEW YORK (Standard & Poor's) Dec. 13, 2005--Standard & Poor's Ratings Services today lowered its long-term ratings on FirstBank Puerto Rico, the bank subsidiary of First BanCorp. (FirstBank; NYSE:FBP), including FirstBank's long-term counterparty rating, which was lowered to 'BB+' from 'BBB-'. At the same time, FirstBank remains on CreditWatch Negative, where it was placed on Oct. 3, 2005. "The ratings actions follow FirstBank's press release divulging new accounting issues, which have further pressured capital and funding and have caused FirstBank to fall slightly below the regulatory 'well-capitalized' definition," said Standard & Poor's credit analyst Michael Driscoll. "The continuation of the CreditWatch listing reflects the heightened concern regarding FirstBank Puerto Rico's unrestricted access to brokered CDs, uncertainty regarding the ultimate findings
