Fitch affirms Security Bank

Fitch Ratings said it affirmed the Philippines' Security Bank Corp.'s long-term foreign-currency issuer default rating at BB.

The outlook is stable.

The ratings reflect the banks relatively small local franchise, albeit with good profitability and a strong capital position, which was further fortified by a rights issue in late 2009, the agency said.

These factors, together with the banks high reserves buffer, mitigate the risks of its concentrated loan book, Fitch said.

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