Fitch affirms Metrobank

Fitch Ratings said it affirmed Metropolitan Bank and Trust Co.'s long-term foreign-currency issuer default rating at BB, short-term foreign-currency issuer default rating at B and its variable-rate perpetual callable non-cumulative tier 1 subordinated notes at B.

The outlook remains stable.

The upgrade reflects the banks stronger capital position, particularly after raising new common equity in 2010 and its reasonably good performance despite the recent downturn in 2008 to 2009, Fitch said.

Fitch said it believes that the capital raising has enhanced the banks loss absorption capacity and helps alleviate any potential weaknesses that could arise from its balance sheet, particularly in the event of a renewed difficult environment.

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