Moody's: 7 Philippine banks on review for downgrade

Moody's Investors Service said it has placed on review the foreign currency long-term deposit ratings of the following seven Philippine banks for possible downgrade: Banco de Oro Universal Bank, Bank of the Philippine Islands, Development Bank of the Philippines, Equitable-PCI Bank, Land Bank of the Philippines, Metropolitan Bank & Trust Co., and Philippine National Bank.

The not-prime short-term deposit and the bank financial strength ratings of all seven banks are unaffected.

Moody's also placed on review for possible downgrade the long-term local currency deposit ratings of Development Bank of the Philippines and Philippine National Bank.

Moody's said the actions follow Moody's review of the Philippines' long-term foreign and local currency country ratings - the Ba1 foreign currency long-term debt, Ba2 foreign currency bank deposits and Baa3 local currency bond - because of heightened political uncertainties, which have begun to have adverse consequences for the government's financial position and the overall economy.

The following ratings were placed on review:

Banco de Oro Universal Bank's senior debt rating of Ba2 and long-term deposit rating of Ba2;

Bank of the Philippine Islands' long-term deposit rating of Ba2;

Development Bank of the Philippines' long-term deposit rating of Ba2, local currency long-term deposit rating of Baa3, and local currency short-term deposit rating of Prime-3;

Equitable-PCI Bank's subordinated debt rating of Ba1 and long-term deposit rating of Ba2;

Land Bank of the Philippines' long-term deposit rating of Ba2;

Metropolitan Bank & Trust Co.'s subordinated debt rating of Ba1 and long-term deposit rating of Ba2;

Philippine National Bank's senior debt rating of Ba1, long-term deposit rating of Ba2, local currency long-term deposit rating of Baa3, and local currency short-term deposit rating of Prime-3.

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