Moody's rates Metropolitan Bank notes Baa3

Moody's Investors Service said it assigned a Baa3 rating to the proposed issuance of Philippine peso-denominated step-up callable dated subordinated notes due 2019, as issued by Metropolitan Bank and Trust Co.

The outlook is stable.

This rating is subject to receipt of final documents. The subordinated notes will represent direct, unconditional, subordinated and unsecured obligations of the bank.

The notes are rated one-notch below what the bank's local-currency senior unsecured debt rating would be, if assigned, reflecting their subordinated status, Moody's said.

The bank's ratings reflect its dominant size, established brand name and strong platform for expansion of its consumer finance business, the agency said.

But it also reflects its below-average asset quality relative to its global peers, modest profitability and concentrated ownership, Moody's added.

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