Fitch affirms Development Bank of the Philippines

Fitch Ratings said it affirmed Development Bank of the Philippines' BB+ long-term issuer default ratings and bb+ viability rating.

The bank's $300 million 5½% senior notes due March 25, 2021 affirmed at BB+ and $130 million perpetual callable subordinated hybrid notes affirmed at B+.

The outlook is stable.

"The rating affirmation reflects DBP's sound balance sheet and satisfactory earnings profile, counterbalanced by risks arising from its policy-driven lending as well as concentration in its loan and borrowing counterparties," Alfred Chan, a director at Fitch, said in a statement.

"There is limited upside to the bank's ratings, which are already high relative to many Philippine banks rated by Fitch, and for a policy bank."

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