Research Update: Oriental Financial Group And Subsidiary Ratings Removed From CreditWatch And Affirmed; Outlook Is Negative Jan 13

Standard & Poors, January 2013

Abstract
Puerto Rico-based regional banking company Oriental Financial Group completed its acquisition of Banco Bilbao Vizcaya Argentaria Puerto Rico (BBVA PR) in December 2012. We think Oriental should be able to successfully integrate BBVA PR given management's knowledge of the local market and previous experience integrating Eurobank, but there is some integration risk given BBVA PR's size. We are affirming our 'BB+' rating on Oriental Financial Group and our 'BBB-' rating on Oriental Bank and removing the ratings from CreditWatch negative. The outlook on the long-term ratings is negative, reflecting the potential for a deterioration in loan performance, the weak local economy, and integration risks. On Jan. 24, 2013, Standard & Poor's Ratings Services affirmed its 'BB+' counterparty credit rating on...

Companies mentioned in this report are:
- Oriental Financial Group
- Oriental Bank
- Oriental Financial (PR) Statutory Trust II

Action: Affirmed
Action: Outlook: Negative
Action: Removed From CreditWatch

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

- Oriental Financial Group
- Oriental Bank
- Oriental Financial (PR) Statutory Trust II

Customers who bought this item also bought

• Creating the Digital Library, 2012 Edition
• Research on Online Education and Training Market in China, 2012-2017
• China Education and Training Industry Report, 2011-2012
• China Education and Training Industry Report, 2011-2012
• Education & Training Services
• China Vocational Training Market Report, 2008
• China Vocational Training Market Report, 2008
• Education Services - Global Strategic Business Report
• Education Report
• China Early Childhood Education Industry Report, 2010-2011