S&P lifts Development Bank of Philippines

Standard & Poor's said it raised the long-term foreign-currency issuer credit rating on the Development Bank of the Philippines to BB+ while affirming the long-term local-currency rating at BB+.

The outlook is stable.

The upgrades are the direct result of the raising of the long-term foreign-currency sovereign credit rating on the Republic of the Philippines to BB+ in view of the bank's status as a government-related entity with a critical role and integral link to the sovereign, S&P said.

The bank plays a critical public policy role in supporting the economic and social development of the Philippines and has an integral link to the government, the agency said.

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