Fitch affirms Equitable PCI Bank

Fitch Ratings said it affirmed Philippines-based Equitable PCI Bank's ratings as follows: long-term issuer default rating BB, short-term rating B, individual D and support 3 following a review of the bank.

The outlook on the long-term rating is stable.

The agency noted that the bank has historically focused on corporate and commercial lending, but is gradually diversifying into consumer lending. Amid an environment of anemic credit demand, loans growth was just 3% over 2005, achieved mainly by the transfer of receivables from other parts of the balance sheet as required by the adoption of new Philippine Financial Reporting Standards.

Meanwhile, securities (predominantly government-issued, long-term, fixed-rate debt paper) continue to be an investment outlet for excess liquidity. Net loans and securities stood at 45% and 24% of assets, respectively, at the end of 2005.

© 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.