Good market position and brand recognition in Puerto Rico Adequate capital High geographic concentration in troubled markets Heavy reliance on wholesale funding The stable outlook on FirstBank Puerto Rico (FirstBank) reflects Standard&Poor's Ratings Services' expectation that the company's asset quality will somewhat stabilize in the coming quarters. However, we do not see the bank returning to consistent profitability in the near term. If the bank's nonperforming assets increase to more than 20% while the bank is unable to return to sustainable profitability, we could revise the outlook to negative or lower the rating. We could revise the outlook to positive or raise the rating if asset quality were to cease deteriorating for a sustained period and if we
