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S&P: Bank of the Philippine Islands, Security Bank views now negative
S&P said it revised its outlook on Bank of the Philippine Islands (BPI) and Security Bank Corp. Ltd. to negative from stable.
S&P affirmed the BBB+/A-2 issuer credit ratings on BPI and the BBB-/A-3 ratings on Security Bank.
“The economic risk trend for banks operating in the Philippines has turned negative, in our view,” S&P said in a news release.
“We believe the risk of credit losses soaring for Philippine banks is higher than we expected, given challenging economic conditions.”
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