Fitch rates Metrobank notes BB

Fitch Ratings said it assigned a long-term issuer default rating of BB+ rating to Metropolitan Bank & Trust Co. (Metrobank) and a viability rating of BB+.

The agency also assigned it assigned an expected rating of BB to the bank's proposed Basel III-compliant dollar-denominated dated subordinated securities.

The outlook is positive.

The ratings reflect the bank's standalone profile, which is driven by an established domestic presence and funding base, satisfactory record in asset quality and profitability, as well as improved loan-loss reserves, Fitch said.

The ratings also consider common structural issues faced by major Philippine banks, such as a high concentration in loan books, modest reserves against holdings of foreclosed properties and the presence of conglomerates as controlling shareholders, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.