Moody's ups Equitable-PCI Bank view to positive

Moody's Investors Service said it raised to positive from stable the outlook of Equitable-PCI Bank's (EPCI) D- bank financial strength rating and affirmed Banco de Oro Universal Bank's (BDO) D rating with a stable outlook.

Their constrained debt and deposit ratings - B1 for both banks - were also affirmed with negative outlooks and are in line with the outlook on the Philippines' sovereign ratings, Moody's noted.

These rating actions follow the recent announcement of BDO's purchase of the Go Family's 24.76% equity stake in EPCI, the agency said, adding according to BDO, the acquisition will be jointly conducted with its owner, the SM Group.

The affirmation of BDO's D rating reflects Moody's view that the transaction does not alter the bank's financial fundamentals materially enough to warrant a ratings change, the agency added.

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