Fitch: Development Bank of Philippines notes BB

Fitch Ratings said it assigned Development Bank of the Philippines' proposed dollar-denominated senior notes an expected BB rating.

The agency also said it affirmed the bank's BB long-term foreign-currency issuer default rating, BB+ long-term local-currency issuer default rating, national long-term rating at AA+(phl) and perpetual callable subordinated hybrid notes at B+.

The rating on the senior notes is identical to the bank's long-term foreign-currency issuer default rating as the senior notes will constitute the bank's direct, unconditional and unsecured obligations and rank equally with its unsecured and unsubordinated obligations. The proceeds will be used for general corporate purposes, Fitch said.

The ratings reflect its status as a development bank, with a satisfactory earnings profile and sound balance sheet, the agency said.

The bank's strong links with the Philippine government underpins its access to official development assistance funds and public sector deposits, thereby aiding its funding profile, Fitch added.

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