Moody’s review stated that Puerto Rico’s ongoing recession continues to have an adverse impact on its financial institutions. It also noted weak prospects for a sustainable recovery in the coming years.
Shares of Banco Popular are down 0.5% at $1.80 this morning against a 52-week trading range of $1.08 to $3.30. The Spanish banks are up on news that peripheral debt sales in Europe might not be as bad as the indications were signaling in Spain earlier this week. Banco Santander, S.A. (NYSE: STD) is up 4.5% at $6.80 and Banco Bilbao Vizcaya Argentaria, S.A. (NYSE: BBVA) is indicated up 6% at $7.20.
JON C. OGG