Fitch affirms Bank of Philippine Islands

Fitch Ratings said it affirmed Bank of the Philippine Islands' long-term foreign-currency issuer default rating at BB, long-term local-currency issuer default rating at BB+, national long-term rating at AAA(phl) and subordinated notes rating at AA+(phl).

The outlook is stable.

The ratings reflect its strong domestic franchise, diversified earnings profile, sound balance-sheet strength and prudent management, Fitch said.

Fitch noted that while the national rating is already at the highest level on the scale, there also is limited upside for the bank, which is already the highest among the rated Philippine banks.

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