FirstBank earns strong KBRA ratings, stable outlook
First BanCorp., the parent company of FirstBank Puerto Rico, received a new vote of confidence in its financial position after Kroll Bond Rating Agency assigned the institution a set of strong credit ratings and a stable outlook.
KBRA cited the bank’s consistent profitability, solid capital levels and disciplined risk management.
According to the agency, First BanCorp. has maintained steady performance through economic cycles, preserved healthy margins, managed costs and strengthened its franchise in Puerto Rico. Bank executives said the ratings reflect years of work reinforcing the institution’s operating model.
“This recognition reflects the company’s solid performance, strong capital position, and commitment to sound risk management,” the bank stated.
First BanCorp. said lessons from past downturns have shaped a more resilient credit culture, resulting in lower nonperforming assets and stronger loan quality. It added that improved risk practices have positioned the bank to compare favorably with major competitors on the island.
KBRA assigned the company a senior unsecured debt rating of BBB, a subordinated debt rating of BBB and a short-term debt rating of K3. For FirstBank Puerto Rico, the agency issued deposit and senior unsecured debt ratings of BBB+ and short-term deposit and debt ratings of K2. The stable outlook reflects KBRA’s view of the bank’s long-term resilience, deposit stability and ability to generate consistent earnings.
The bank said the ratings reaffirm its strategic direction and the strength of its franchise in Puerto Rico. It added that maintaining a strong capital position while pursuing prudent growth remains central to its long-term plans.
