S&P upgrades Security Bank

S&P said it raised the long-term issuer credit rating on Security Bank Corp. to BBB- from BB+.

The outlook is stable.

S&P also said it raised the short-term issuer credit rating on the bank to A-3 from B.

The agency also said it raised the long-term issue rating on Security Bank's senior unsecured notes to BBB- from BB+.

S&P said it affirmed the BBB long-term and A-2 short-term issuer credit ratings on Development Bank of the Philippines.

The outlook remains positive.

The agency also said it affirmed the BBB long-term issue rating on the bank's senior unsecured notes.

The actions stem from a view that credit risk in the Philippine banking sector has reduced with the establishment of credit bureaus, S&P said.

The actions follow a review of the Philippine banking sector, the agency explained.

The industry is offering better data of banks' credit history, which is positive for this segment, S&P said.

Philippine banks also have been expanding their consumer loans portfolio in pursuit of higher margins, the agency added.

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