Fitch affirms Development Bank of Philippines

Fitch Ratings said it affirmed Development Bank of the Philippines' ratings including its long-term foreign-currency issuer default rating at BB, long-term local-currency issuer default rating at BB+, national long-term rating at AA+(phi), individual rating at C/D and support rating at 3.

The outlook is stable.

The ratings reflect the bank's adequate profitability and balance sheet strength, underpinned by a considerable likelihood of support arising from its wholly-government owned status, Fitch said.

The bank's profitability is above average thanks to it low-cost, long-term funds and lower operating expenses, the agency added.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.