S&P puts Oriental Financial on watch

Standard & Poor's said it placed its BB+ counterparty credit rating on Oriental Financial Group on CreditWatch with negative implications.

"The CreditWatch placement follows Oriental's announcement that it has entered into a definitive agreement to acquire BBVA PR for approximately $500 million in cash, which represents a slight 3% premium to BBVA PR's tangible book value," said S&P credit analyst Robert Hansen in a news release.

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