Moody's ups 7 Philippine banks view to positive

Moody's Investors Service said it changed to positive from stable its outlook on the foreign-currency deposit ratings of seven Philippine banks, in line with the sovereign rating action.

The ratings remain constrained, however, by the foreign-currency deposit ceiling of the Philippines.

The seven banks are Banco de Oro Unibank, Bank of the Philippine Islands, Development Bank of the Philippines, Land Bank of the Philippines, Metropolitan Bank and Trust Co., Philippine National Bank and Rizal Commercial Banking Corp.

All of the banks' other ratings remain unaffected and continue to carry a stable outlook.

Banco de Oro Unibank has a baseline credit assessment of Ba2, global local-currency deposits rating of Ba1/not-prime, foreign-currency deposits rating of Ba3/not-prime and foreign-currency senior unsecured debt rating of Ba2.

Bank of the Philippines Islands has a baseline credit assessment of Baa2, global local-currency deposits rating of Baa2/prime-2 and foreign-currency deposits of Ba3/not-prime.

Development Bank of the Philippines has a baseline credit assessment of Ba2, global local-currency deposits rating of Ba1/not-prime and foreign-currency deposits rating of Ba3/not-prime.

Land Bank of the Philippines has a baseline credit assessment of Ba3, global local-currency deposits rating of Ba1/not-prime and foreign-currency deposits rating of Ba3/not-prime.

Metropolitan Bank and Trust Co. has a baseline credit assessment of Ba2, global local-currency deposits rating of Ba1/not-prime, foreign-currency deposits rating of Ba3/not-prime, local-currency subordinated debt rating of Ba2 and foreign-currency hybrid tier-1 rating of B2.

Philippine National Bank has a baseline credit assessment of B2, global local-currency deposits rating of Ba2/not-prime, foreign-currency deposits rating of Ba3/not-prime and local-currency subordinated debt rating of Ba3.

Rizal Commercial Banking Corp. has a baseline credit assessment of Ba3, foreign-currency deposits rating of Ba3/not-prime, foreign-currency senior unsecured debt rating of Ba2 and foreign-currency hybrid tier-1 rating of B3.

All the ratings of two other banks - Allied Banking Corp. and United Coconut Planters Bank - are not affected, as none of the ratings are constrained by the deposit or debt ceilings of the Philippines. Their outlooks are stable.

Allied Banking Corp. has a baseline credit assessment of B1, foreign-currency deposits rating of Ba3/not-prime and local-currency subordinated debt rating of B1.

United Coconut Planters Bank has a baseline credit assessment of Caa1, foreign-currency deposits rating of B2/not-prime and foreign-currency long-term debt rating of B2.

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