Fitch upgrades First Bancorp

Fitch Ratings said it upgraded First Bancorp's long-term issuer default rating to B from B- with a stable outlook.

The agency also upgraded the viability rating to b from b-.

“The upgrade reflects improvements in FBP's financial profile; the company's asset quality metrics, operating performance, capital ratios, and funding profile have all improved meaningfully since 2012, when FBP was upgraded to B-,” Fitch said in a news release.

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