Moody's could lift four Philippine banks

Moody's Investors Service said it placed the Ba1/ Not Prime local and foreign currency deposit ratings of four Philippine banks on review for upgrade following the review for upgrade on the Government of the Philippines' debt ratings. The credit strength of the government is an important input in the agency's assessment of the government's capacity to provide support in times of stress.

The banks whose ratings are placed under review are Banco de Oro Unibank, Bank of the Philippine Islands, Land Bank of the Philippines and Metropolitan Bank and Trust Co.

In addition, Banco de Oro Unibank's foreign currency senior unsecured debt rating of Ba1 and Metropolitan Bank and Trust's local currency subordinated debt rating of Ba2 are placed on review for upgrade.

The bank financial strength ratings of the four banks remain unchanged.

"The review for upgrade of BDO's, BPI's, LBP's and MBT's ratings reflect our assessment that these ratings would likely benefit from an additional notch of systemic support uplift in the event that the parallel review of the Philippine sovereign debt rating concludes with a rating upgrade," Simon Chen, moody's assistant vice president and lead analyst for the Philippine banks, said in a news release.

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