S&P ups Indonesian, Philippine banks

Standard & Poor's said it raised the long-term counterparty credit ratings to BB- from B+ on PT Bank Negara Indonesia (Persero) Tbk and Metropolitan Bank & Trust Co., Banco De Oro Universal Bank and Equitable PCI Bank Inc.

The outlook is stable.

At the same time, the bank fundamental strength ratings of the four banks remain unchanged at D, the agency said.

The ratings have been raised to incorporate expected extraordinary support from the respective governments due to these banks' systemic importance in their individual countries, S&P said, adding that it believes the respective governments are likely to have the willingness and capability to provide extraordinary support in the event the above banks encounter distress.

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