Fitch gives First Bancorp stable view

Fitch Ratings said it affirmed First Bancorp’s (FBP) B- long-term issuer default rating, B short-term issuer default rating and b- viability rating.

In addition, the ratings were removed from negative watch and assigned a stable outlook.

Fitch placed the ratings on rating watch negative on Oct. 5, 2017, due to the uncertainty of the impact caused by Hurricanes Irma and Maria on Puerto Rico in September 2017.

“Fitch believes the initial impact on FBP from hurricanes Irma and Maria was manageable, and disclosures from the U.S. Federal Government and the Commonwealth of Puerto Rico have brought greater visibility into the short-term impact of the storms, resulting in the removal of the rating watch negative,” the agency said in a news release.

“The stable outlook reflects uncertainty over the medium- and long-term effects the hurricane may have on financial performance, which is already captured at the current rating level.”

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