Moody's upgrades 7 Philippines banks

Moody's Investors Service said it upgraded the foreign-currency deposit ratings of seven Philippines banks to Ba2 from Ba3.

The outlook is stable.

The upgrades are in line with the upgrade of the Philippines sovereign's foreign-currency deposit ceiling to Ba2 from Ba3.

The seven banks' foreign-currency deposit ratings are constrained by the foreign-currency deposit ceiling, Moody's said.

The banks upgraded include Banco de Oro Unibank, Bank of the Philippine Islands, Development Bank of the Philippines, Land Bank of the Philippines, Metropolitan Bank and Trust Co., Philippine National Bank and Rizal Commercial Banking Corp.

The banks' other ratings remain unaffected, Moody's said.

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