Moody's ups four Philippine banks

Moody's Investors Service said it upgraded the foreign currency deposit ratings of four Philippine banks to Ba1 from Ba2, following the upgrade of the Government of the Philippines and the associated raising of the foreign currency debt and deposit ceilings.

The four banks whose foreign currency deposit rating was upgraded are: (a) BDO Unibank, Inc.; (b) Bank of the Philippine Islands; (c) Metropolitan Bank & Trust Co.; and (d) Land Bank of the Philippines.

Moody's also upgraded BDO's foreign currency senior unsecured debt rating to Ba1 from Ba2.

The outlooks were revised to stable, along with the stable outlook of the ratings of the Government of the Philippines.

Moody's said the actions are in line with the upgrade of the Philippines sovereign's foreign currency deposit ceiling to Ba1 from Ba2. The banks' foreign currency deposit ratings were previously constrained at the sovereign ceiling.

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