Kroll Bond Rating Agency assigned senior unsecured debt and deposit ratings of BBB- and short-term debt and deposit ratings of K3 to San Juan, Puerto Rico-based Oriental Bank.

The outlook for the long-term debt and deposit ratings is stable.

In assigning the ratings, Kroll took into account the OFG Bancorp unit's sustained level of profitability amid a "protracted economic downturn and severe fiscal crisis in Puerto Rico." The rating agency considered Oriental Bank's capital protection as well, noting that it is "sharply lower" after the acquisition of Scotiabank de Puerto Rico.

Kroll also cited the anticipated near- to intermediate-term stability in the Puerto Rican economy as a key ratings factor.