S&P upgrades Development Bank of the Philippines

S&P said it raising the long-term issuer credit rating on the Development Bank of the Philippines to BBB+ from BBB, along with the rating on the bank's senior unsecured notes to BBB+ from BBB.

The agency also said it affirmed the short-term rating at A-2.

The outlook is stable.

The upgrades reflect a similar recent upgrade of the sovereign ratings on the Philippines, S&P said.

The agency said it sees an almost certain likelihood that the government will provide timely and sufficient extraordinary support to the bank, if needed.

The stable outlook reflects the outlook on the sovereign credit ratings, S&P said.

The ratings on the bank will move in tandem with the sovereign ratings on the Philippines.

The bank plays a critical public policy role in supporting the economic and social development of the country, the agency said.

It also has an integral link to the government, S&P said.

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