MUMBAI (Thomson Financial) - Fitch Ratings affirmed the 'A-' long-term
issuer default rating on Popular Inc and removed it from rating watch negative,
after the sale of a large part of Equity One's loan portfolio to American
General Finance Inc.
Popular will receive about 1.5 bln usd cash in this transaction, which is
expected to close by the end of first-quarter 2008.
"Cash proceeds will sharply reduce liquidity pressure at Popular and its
sub-holding company, Popular North America," Fitch said.
The negative rating outlook on popular stems from continued profitability
and asset quality pressures, the agency added.
TFN.newsdesk@thomson.com
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