Dear Popular customer,
The recent news of Puerto Rico’s credit downgrade and the decision made by Moody’s Investors Service this week to place various banks on credit review, including Popular, have generated interest among our customers. We provide you additional information in this letter.
Moody’s decision to put Popular on credit review shows that the ratings agency considers prudent to review the financial situation of the banks in Puerto Rico in light of the potential effects the government’s fiscal situation can have on the economy and the banking industry.
We want to assure you that neither the downgrades of Puerto Rico’s credit or the review of banks by Moody’s has an impact on Popular’s operations. We have a solid financial base. We will continue to provide the same products and services through all our channels, during established hours and with the performance that has characterized us through the years.
We have been serving Puerto Rico for 120 years. During this period, we have gone through changes in sovereignty, two world wars, economic depressions and various natural disasters. Now, more than ever, we are committed to the economic recovery of Puerto Rico and the development of our communities. We reiterate that we are at your service and we thank you for your support and trust as customer.
Richard L. Carrión