Fitch affirms Philippine banks

Fitch Ratings said it affirmed the ratings on some Philippine banks.

Bank of the Philippine Islands' individual rating was affirmed at C and support rating at 3.

Development Bank of the Philippines's long-term foreign- and local-currency issuer default ratings were affirmed at BB and BB+, respectively, with a stable outlook, national long-term rating at AA+(phl), individual rating at C/D; support rating at 3, support floor at BB- and $130 million perpetual callable subordinated hybrid notes at BB-.

Land Bank of the Philippines's long-term foreign- and local-currency issuer default ratings were affirmed at BB with stable outlook, national long-term rating at AA(phl), individual rating at D, support rating at 3, support floor at BB- and $150 million subordinated notes at BB-.

China Banking Corp.'s long-term foreign- and local-currency issuer default ratings were affirmed at BB with a stable outlook, national long-term rating at AA-(phl), individual rating at C/D, support rating at 4 and support floor at B+.

Security Bank Corp.'s long-term foreign- and local-currency issuer default rating were affirmed at BB with stable outlook, short-term foreign-currency issuer default rating at B, national long-term at AA-(phl), individual rating at D, support rating at 4, support floor at B+ and PHP2.5 billion subordinated notes at BB-.

BDOU's (formerly known as Banco de Oro Universal Bank) individual rating was affirmed at C/D and support rating at 3.

Union Bank of the Philippines' individual rating was affirmed at C/D and support rating at 4.

Allied Banking Corp.'s individual rating was affirmed at D and support rating at 4.

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