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Fitch removes Popular from Rating Watch Negative

Fitch Ratings on May 9 removed Hato Rey, Puerto Rico-based Popular Inc.'s ratings from Rating Watch Negative and gave them a "stable" outlook.

The rating agency affirmed Popular Inc.'s long-term issuer default rating at BB-, short-term IDR at B and viability rating at "bb-."

Subsidiary Popular North America Inc.'s long-term IDR was affirmed at BB-, senior unsecured rating at BB- and viability rating at "bb-," by the rating agency. The rating agency affirmed Popular Inc. unit Popular Bank's long-term IDR at BB-, long-term deposits rating at BB, short-term IDR at B, short-term deposits rating at B and viability rating at "bb-." Fitch also affirmed the long-term IDR at BB- and viability rating at "bb-" for Banco Popular de Puerto Rico, another subsidiary of Popular Inc., among other ratings.

Fitch said that the stable outlook reflects "uncertainty over the medium- and long-term effects [hurricanes Irma and Maria] may have on financial performance, which is already captured at the current rating level."