Moody's may cut Philippine banks

Moody's Investors Service said it placed on review for possible downgrade the foreign currency long-term deposit ratings of eleven Philippine banks, Allied Banking Corp., Bank of the Philippine Islands, Banco de Oro Universal Bank, Development Bank of the Philippines, Equitable-PCI Bank, Land Bank of the Philippines, Metropolitan Bank & Trust Co., Philippine National Bank, Rizal Commercial Banking Corp., UnionBank of the Philippines and United Coconut Planters Bank.

Moody's also placed on review for possible downgrade the long-term local currency deposit ratings of Development Bank of the Philippines and Philippine National Bank.

These actions follow Moody's review for downgrade of the Philippines' Ba2 foreign currency long-term debt country ceiling, Ba3 foreign currency bank deposits country ceiling and Ba2 local currency rating.

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