AbstractUsing data from the first epidemiological study of mainland Puerto Rican drinking, the authors explore the relationships between negative affect, alcohol expectancies and drinking problems. Results revealed that the co‐occurrence of depressed mood and drinking problems was strongly moderated by alcohol expectancies. More specifically, the co‐occurrence was strongest among those Puerto Ricans who most expected alcohol to elevate their mood. Findings are discussed in terms of their explication of the co‐morbidity of depressive symptomatology and alcohol