S&P lifts Banco Bilbao Argentaria

Standard & Poor's said it raised its issuer credit rating on Banco Bilbao Vizcaya Argentaria Puerto Rico to BBB- from BB+.

Subsequently, the agency said it withdrew the rating at the company's request.

The agency also raised the rating on the $50 million of subordinated notes issued by BBVA PR to BB+ from BB.

The actions follow Oriental Financial Group's announcement that it has completed its previously announced acquisition of BBVA PR. Immediately following the closing of the acquisition, BBVA PR merged into Oriental's main banking subsidiary, Oriental Bank & Trust, with Oriental Bank continuing as the surviving entity.

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