S&P rates Development Bank of the Philippines notes BB-

Standard & Poor's said it assigned its BB- rating to the Development Bank of the Philippines' (foreign currency BB-/stable/B, local currency BB+/stable/B) Philippine peso 2.35 billion existing lower tier II subordinated notes due 2016, which will have a tenor of 10 years with a call option at the end of five years.

The differential between the BB+ counterparty credit rating and the BB- rating on the lower tier II notes reflects the subordinated nature of the notes, the agency said.

According to S&P, the notes are a direct, unconditional, unsecured and subordinated obligation of the bank and they will rank pari passu and without any preference among themselves, but in priority to the rights and claims of holders of all class of equity securities including preference shares of Development Bank of the Philippines.

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