S&P cuts Banco Bilbao

Standard & Poor's said it lowered the counterparty credit rating on Banco Bilbao Vizcaya Argentaria Puerto Rico to BBB+/A-2 from A/A-1.

The outlook is negative.

The rating is two notches above the BBB- standalone credit assessment, which reflects the bank's strategic importance to its highly rated parent Banco Bilbao Vizcaya Argentaria SA (AA/stable/A-1+).

"The rating action reflects primarily the continued deterioration in credit quality - which has been caused by the challenging economic environment in Puerto Rico - as well as a continued high reliance on wholesale borrowings," S&P analyst Robert Hansen said in a statement.

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