Following the Commonwealth of Puerto Rico's default, ratings for the island's two main banks, Popular (BPOP) and First BanCorp (FBP), will not be immediately affected, according to Fitch Ratings.
Fitch Ratings announced Thursday it has downgraded the Commonwealth of Puerto Rico's general obligation and related debt ratings to 'B' from 'BB-' and placed them on Rating Watch Negative.
Credit ratings agency Fitch Ratings said Wednesday it believes that there are significant challenges ahead for Puerto Rico as it pursues initiatives necessary to maintain a credit profile commensurate with its 'BB-' general obligation junk rating.