Fitch affirms Banco de Oro, Equitable PCI banks

Fitch Ratings said it affirmed Banco de Oro Universal Bank's individual rating at C/D and support rating at 3, along with Equitable PCI Bank's long-term foreign-currency issuer default rating at BB with a stable outlook, individual rating at D, support rating at 3 and long-term senior unsecured rating at BB.

The affirmation follows plans to merge the two banks as approved by their respective boards. Fitch noted that both banks are controlled by the SM group, one of the Philippine's largest conglomerates with substantial interests in retailing and property development. Together, the two banks will form the Philippine's second-largest bank.

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