Moody’s shifts Rizal Commerical, Philippine National views to negative

Moody’s Investors Service said it affirmed the ratings of Rizal Commercial Banking Corp. and Philippine National Bank and revised their outlooks to negative from stable.

The agency cited the pandemic’s effect on the economy and their businesses for the change in outlook.

The pandemic-induced economic shock has hurt borrowers in the retail and small- and medium-sized enterprise segments across the Philippine banking system. “Both RCBC and PNB have relatively high exposure to these two segments in their loan portfolio,” Moody’s said in a press release.

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