S&P gives Development Bank of the Philippines hybrids B+

Standard & Poor's said it assigned its B+ long-term issue credit ratings to the Development Bank of the Philippines' tier-I hybrid security of up to $130 million.

The issue rating is three notches below the issuer credit rating of BB+ long-term local currency rating, which accounts for the optional and mandatory conditions under which the bank can omit interest payments, as well as the speculative-grade status of the issuer, the agency noted.

"These factors are balanced against Standard & Poor's assessment of a low likelihood of interest payment deferral options being exercised under existing conditions and the expectation of ongoing support to DBP based on its importance as a fully government-owned policy bank," said S&P credit analyst Agost Benard.

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