Fitch affirms Philippines banks

Fitch Ratings said it affirmed the ratings of Metropolitan Bank and Trust Co. and Security Bank Corp.

	Fitch said it believes that while difficult macroeconomic conditions in the Philippines are likely to result in weaker financial performance for the banking sector, such risks appear reasonably supported by the banks' capital positions.
	Metropolitan Bank's long-term foreign-currency issuer default rating is affirmed at BB, short-term foreign-currency issuer default rating at B and the rating on hybrid tier 1 at B. The outlook is stable. The bank's ratings are premised on its modest balance sheet and profitability, Fitch said, and its size as the second largest Philippine bank.
	Security Bank's long-term foreign- and local-currency issuer default rating is affirmed at BB, short-term foreign-currency issuer default rating at B, national long-term rating at AA-(phl), national rating on subordinated notes at A+(phl). The outlook is stable. The bank's ratings reflect its vulnerability arising from a concentrated loan book, Fitch said, although this is mitigated by its prudent reserve levels, adequate profitability and capitalization.

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