Fitch revises two Philippine banks view to positive

Fitch Ratings said it revised the outlook of two Philippine state-owned banks, Land Bank of the Philippines and Development Bank of the Philippines to positive from stable. At the same time, the agency affirmed the long-term issuer default ratings of the banks at BBB. The two banks' viability ratings were not part of this review.

The outlook revisions follow Fitch's outlook revision on the Philippine sovereign to positive from stable on Feb. 11. The outlook revision on the sovereign rating reflects continued adherence to a sound macroeconomic policy framework, progress on fiscal reforms that should keep government debt within manageable levels and continued resilience in its external finances, the agency said.

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