Banco Popular announced Monday it has entered into an agreement with American Airlines Inc. to become the exclusive issuer of AAdvantage co-branded credit cards in Puerto Rico and the U.S. Virgin Islands, and the acquisition of the Citi/AAdvantage co-branded credit card portfolio, which represents approximately $130 million in balances.
Contrasting Puerto Rico’s current economic conditions with those of the U.S. mainland’s, Gov. Luis Fortuño said the “U.S. is starting to suffer the consequences of not acting immediately” to its escalating fiscal troubles.
The United States’ 94-year excellent credit run ended Friday, when ratings agency Standard & Poor’s lowered the country’s AAA credit to AA+ for the first time, dissatisfied with the results of the spending cuts package agreement between Congress and the White House reached earlier in the week.
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