Moodys affirms Philippine banks, raises view

Moody's Investors Service said it affirmed the ratings of Philippine National Bank and Allied Banking Corporation.

The agency said it also revised the outlook on Philippine National Bank's bank financial strength rating to positive from stable. The outlook on its other ratings remains stable.

The agency said it revised the outlook on all of Allied Banking's ratings to positive from stable.

The agency said the positive outlook on Philippine National Bank's bank financial strength ratings reflects the expectation that further improvements in its financial performance, in particular cost efficiency and asset quality, are more likely to bring its credit profile closer to the industry average in the near to medium term.

The agency said the positive outlook on Allied Banking's ratings reflects the expectation that it will maintain large buffers in its liquidity position and capital relative to its current rating level to withstand systemic stresses over the next 12 to 18 months.

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