New York, May 02, 2014 -- Moody's Investors Service downgraded the senior unsecured debt rating of Doral Financial Corporation (Doral Financial) to C from Caa3. Doral Financial's lead bank, Doral Bank, is unrated. The rating agency also downgraded the senior secured bonds issued by Doral Properties, Inc. through the Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority (AFICA) to C from Caa3 (CUSIPs 74527BLB8, 74527BLC6, 74527BLD4, and 74527BSL9). Doral Properties, Inc. is a wholly-owned subsidiary of Doral Financial, which is legally responsible for the payments on the AFICA bonds that are currently outstanding.

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