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Rating Action:

Moody's downgrades Doral Financial to Caa3

07 Oct 2013

Economic challenges prompt assignment of negative outlooks on Puerto Rican banks

New York, October 07, 2013 -- Moody's Investors Service downgraded the senior unsecured rating of Doral Financial Corporation (Doral Financial) to Caa3 from Caa1. Doral Financial's rating outlook remains negative. Doral Financial's lead bank, Doral Bank, is unrated. The rating agency also downgraded the senior secured bonds (CUSIPs 74527BLB8, 74527BLC6, 74527BLD4, and 74527BSL9) issued by Doral Properties, Inc. through the Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority (AFICA) to Caa3 from Caa1. Doral Properties, Inc. is a wholly-owned subsidiary of Doral Financial, which is legally responsible for the payments on the AFICA bonds that are currently outstanding.

Moody's also took the following actions today:

- Banco Santander Puerto Rico (BSPR): Affirmed all ratings (deposits Baa1, standalone bank financial strength rating (BFSR)/baseline credit assessment (BCA) D+/ba1). Rating outlook on BSPR's standalone BFSR/BCA changed to negative from stable. Stable outlook maintained on the bank's supported deposit and debt ratings. BSPR's deposit and debt ratings benefit from uplift because the bank has a higher-rated US affiliate, Sovereign Bank (deposits Baa1 stable, standalone BFSR/BCA C-/baa1 stable). Moody's believes that within a US banking family, the deposit ratings of affiliates should be equalized because of regulatory powers afforded by the cross-indemnification provisions of the Federal Deposit Insurance Act.

- Popular, Inc. (Popular) and its subsidiaries: Affirmed all ratings (lead bank deposits Ba2, standalone BFSR/BCA D/ba2). Rating outlook changed to negative from stable.

- FirstBank Puerto Rico (FirstBank): Affirmed all ratings (deposits B2, standalone BFSR/BCA E+/b2). Rating outlook changed to negative from stable.

RATINGS RATIONALE

Moody's said the downgrade of Doral Financial's senior unsecured rating was driven by the company's extremely weak financial condition. Doral Financial's credit profile reflects very poor asset quality, weak capital, and a funding profile that is highly-dependent on non-core sources.

Doral Financial's poor asset quality is evidenced by its extremely high level of non-performing assets (NPAs), which Moody's defines as non-accrual loans, loans past due 90 days or more and still accruing, all restructured loans, and other real estate owned (OREO). At 30 June 2013, Doral Financial's NPAs represented 19% of loans plus OREO and 249% of tier 1 common equity plus reserves. These ratios are by far the weakest of any rated Puerto Rican bank. Moreover, there is little likelihood of significant improvement in the company's asset quality given Puerto Rico's very weak economy. This will place further negative pressure on the company's already-weak capital position. At 30 June, Doral Financial's tier 1 common ratio was a low 5.99%. Moody's added that Doral Financial is highly-dependent on non-core funding, such as brokered deposits. At 30 June, brokered deposits accounted for 36% of total deposits and core deposits only funded 31% of total loans.

The negative outlooks on the ratings of BSPR, Popular and FirstBank reflect the continued weakening of Puerto Rico's already-poor economy, which is in the midst of a protracted recession that began in 2006. The economy is challenged by high unemployment, low workforce participation, high poverty levels compared to the US mainland, a declining population, and weakness in its key pharmaceutical sector. Continued weakening is evidenced by the recent increase in the unemployment rate to 13.9% in August 2013 and the higher-than-expected 5% year-over-year decline in the Government Development Bank for Puerto Rico's Economic Activity Index, which is a good proxy for the health of the Puerto Rican economy.

Moreover, the prospects for a sustainable recovery are constrained by the commonwealth's poor finances. The commonwealth is challenged by a very large unfunded pension liability even after recently-enacted reforms, and an increasingly heavy debt load. The commonwealth also has a high dependence on capital markets financing that has led to increased refinancing risk and reduced financial flexibility as it waits out currently-volatile market conditions.

Actions to address the commonwealth's fiscal problems will likely put additional stress on the economy. This will continue to threaten the health of the banking system. The banks' NPAs remain extremely high relative to US mainland banks, which could lead to significant losses if conditions do not improve.

The recent market volatility also creates uncertainties for the Puerto Rican banking system. Although the banks' deposit flows have been steady during this period of heightened volatility, ongoing volatility could put additional stress on funding profiles that tend to be weaker than US mainland banks.

Following today's actions, the negative outlooks on the ratings of BSPR, Popular, FirstBank, and Doral are consistent with the negative outlook on the commonwealth. Moody's affirmed Puerto Rico's Baa3 government obligation rating on 3 October 2013 (see press release "Moody's affirms Puerto Rico general obligation bonds at Baa3; affirms notched and related debt as well," available on moodys.com).

The principal methodology used in these rating were Global Banks published in May 2013. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

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The below contact information is provided for information purposes only. Please see the ratings tab of the issuer page at www.moodys.com, for each of the ratings covered, Moody's disclosures on the lead analyst and the Moody's legal entity that has issued the ratings.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Joseph Pucella
VP - Senior Credit Officer
Financial Institutions Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Robert Franklyn Young
MD - Financial Institutions
Financial Institutions Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's downgrades Doral Financial to Caa3
No Related Data.
© 2021 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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