Moody's ups view of 8 Philippine banks to positive

Moody's Investors Service said it revised the outlook of the foreign-currency debt and deposit ratings of eight Philippine banks to positive from stable.

The bank financial strength ratings, local-currency debt and deposit ratings and foreign-currency short-term deposit ratings of all eight are unaffected. The ratings of United Coconut Planters Bank are not affected by this action.

This action follows the change in outlook to positive for the Philippine foreign-currency country debt ceiling of Ba3 and foreign-currency deposit ceiling of B1, Moody's said.

The ratings upgraded to positive outlooks include Allied Banking Corp.'s foreign-currency long-term deposit rating of B1, Banco de Oro EPCI's foreign-currency long-term deposit rating of B1 and foreign-currency senior unsecured debt rating of Ba2, Bank of the Philippine Islands' foreign-currency long-term deposit rating of B1, Development Bank of the Philippines' foreign-currency long-term deposit rating of B1, Land Bank of the Philippines' foreign-currency long-term deposit rating of B1, Metropolitan Bank and Trust Co.'s foreign-currency long-term deposit rating of B1 and foreign-currency hybrid tier-1 rating of Ba3, Philippine National Bank's foreign-currency long-term deposit rating of B1, Rizal Commercial Banking Corp.'s foreign-currency long-term deposit rating of B1 and foreign-currency senior unsecured debt rating of Ba3 .

The ratings unaffected and remaining stable include Allied Banking Corp.'s bank financial strength rating of E+ and foreign-currency Not-Prime short-term deposit rating; Banco de Oro EPCI's bank financial strength rating of D, local-currency deposit ratings of Baa2/Prime-2 and foreign-currency Not-Prime short-term deposit rating and Equitable PCI's foreign-currency subordinated debt rating of Ba2 ; Bank of the Philippine Islands' bank financial strength rating of C- , local-currency deposit ratings of A3/Prime-1, foreign-currency Not-Prime short-term deposit rating; Development Bank of the Philippines' bank financial strength rating of D, local-currency deposit ratings of A3/Prime-2, foreign-currency Not-Prime short-term deposit rating; Land Bank of the Philippines' bank financial strength rating of E+, local-currency deposit ratings of A3/Prime-2, foreign-currency Not-Prime short-term deposit rating; Metropolitan Bank and Trust Co.'s bank financial strength rating of D, local-currency deposit ratings of Baa2/Prime-2, local-currency subordinated debt rating of Baa3, foreign-currency Not-Prime short-term deposit rating, foreign-currency subordinated debt rating of Ba2; Philippine National Bank's foreign-currency Not-Prime short-term debt ratings; Rizal Commercial Banking Corp.'s bank financial strength rating of E+, foreign-currency Not-Prime short-term deposit rating, foreign-currency hybrid tier-1 rating of B3; United Coconut Planters Bank's bank financial strength rating of E and foreign-currency deposit ratings of B1/Not-Prime.

The outlooks that remain positive include Philippine National Bank's bank financial strength rating of E, local-currency long-term deposit ratings of Ba2/Not-Prime and local-currency subordinated debt rating of Ba3.

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