Moody's rates Equitable-PCI notes Ba2

Moody's Investors Service said it assigned a prospective Ba2 rating to Equitable-PCI Bank's new $150 million senior unsecured debt issue due 2008.

Constrained by the Philippines' sovereign ceiling, the bank's proposed senior note, including its existing subordinated debt and long-term deposits, is on review for possible downgrade, along with the country's ratings.

Moody's said the rating recognizes that the proposed issue represents Equitable-PCI's senior obligations. It also reflects the bank's systemic importance, but moderate standalone debt servicing capability of an institution with a D- bank financial strength rating.

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