S&P: Bank of the Philippine Islands, Security Bank views now negative

S&P said it revised its outlook on Bank of the Philippine Islands (BPI) and Security Bank Corp. Ltd. to negative from stable.

S&P affirmed the BBB+/A-2 issuer credit ratings on BPI and the BBB-/A-3 ratings on Security Bank.

“The economic risk trend for banks operating in the Philippines has turned negative, in our view,” S&P said in a news release.

“We believe the risk of credit losses soaring for Philippine banks is higher than we expected, given challenging economic conditions.”

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.