Fitch: Development Bank of Philippines to positive

Fitch Ratings said it revised the outlook on the Development Bank of the Philippines to positive from stable.

The agency also said it affirmed the bank’s long-term issuer default rating at BB+, short-term foreign-currency issuer default rating at B, long-term local-currency issuer default rating at BB+, national long-term rating at AA+(phl), viability rating at BB+ and senior notes rating at BB+.

The outlook revision followed a similar revision in the Philippines sovereign's outlook, which considered the improvement in Philippine governance standards and global competitiveness, Fitch said.

Falling public debt and resilient economic growth and external finances should at least help sustain the sovereign's ability to support the banking sector, the agency said.

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