Moody's gives Metropolitan Bank notes Baa3

Moody's Investors Service said it will assign a Baa3 rating to the proposed issuance of Philippine peso-denominated step-up callable dated subordinated notes due 2017, as issued by Metropolitan Bank and Trust Co.

The outlook is stable.

The subordinated notes will represent direct, unconditional, subordinated and unsecured obligations of the bank and qualify as lower tier II capital, the agency said, adding that the notes are due in 2017 and callable in and after 2012, five years from the issuance.

Moody's said its ratings for Metropolitan Bank reflect the bank's dominant size, established brand name and healthy financial fundamentals.

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