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Stock impact report

KBRA Assigns Ratings to First BanCorp.

First BanCorp. New (FBP) 
Last first bancorp. new earnings: 4/30 07:30 am Check Earnings Report
Company Research Source: Business Wire
NEW YORK--(BUSINESS WIRE)--KBRA assigns a senior unsecured debt rating of BBB, a subordinated debt rating of BBB-, and a short-term debt rating of K3 to San Juan, Puerto Rico-based First BanCorp. (NASDAQ: FBP) (“the company”). KBRA also assigns deposit and senior unsecured debt ratings of BBB+, a subordinated debt rating of BBB, and short-term deposit and debt ratings of K2 to its primary bank subsidiary, FirstBank Puerto Rico. The Outlook for all long-term ratings is Stable.Key Credit ConsiderationsFBP’s ratings principally reflect its solid franchise within Puerto Rico which supports a granular, relatively low-cost deposit base and a better-than-peer average net interest margin (NIM). Despite the rising interest rate environment during the 2022 to 2023 Fed tightening cycle, FBP’s NIM was comparatively resilient, as it was able to lag deposit pricing substantially. And while the company remains spread dependent with fee revenue making up 12%-15% of total revenues historically, th Show less Read more
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