Moody's affirms Banco De Oro Unibank

Moody's Investors Service said it affirmed Banco De Oro Unibank's D bank financial strength rating, Ba1/not-prime local-currency deposit ratings and Ba3/not-prime foreign-currency deposit ratings after it announced it will be undertaking an aggregate $250 million equity raising.

The outlook is stable.

The ratings reflects a view that the bank's strong loan growth and potential expansion plans will moderate improvements in tier 1 and total capital adequacy ratios due to the new common equity, Moody's said.

While the bank's emergence from the global crisis largely unscathed is evidence of its relatively good financial fundamentals, Moody's said its level of non-performing assets relative to equity and loan loss reserves remains high at 32.8% at the end of 2009.

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