Moody's cuts some Philippine banks

Moody's Investors Service said it downgraded the global local-currency deposit ratings of six Philippine banks, the local-currency subordinate debt ratings of three banks, the foreign-currency long-term deposit rating of one bank and the foreign-currency hybrid tier-1 ratings of two banks.

The outlook is stable.

The downgrades conclude a review that began in May to examine the systemic support assumption used by the agency to rate the companies.

The downgrades are, therefore, not related to the banks' operating performances, Moody's said. Accordingly, there was no change to the bank financial strength ratings of these institutions, which address their stand-alone credit profiles.

Allied Banking Corp.'s local-currency subordinated debt ratings were lowered from Ba3 to B1 and its foreign-currency long-term deposit rating were upgraded from B1 to Ba3. The outlook is stable.

Banco de Oro Unibank's local-currency deposit ratings were lowered from Baa2/prime-2 to Ba1/not prime and foreign-currency long-term deposit rating were upgraded from B1 to Ba3. The outlook is stable.

Bank of the Philippine Islands' local-currency deposit ratings were lowered from A3/prime-1 to Baa2/prime-2 and its foreign-currency long-term deposit rating were upgraded from B1 to Ba3. The outlook is stable.

Development Bank of the Philippines' local-currency deposit ratings were lowered from A3/prime-2 to Ba1/not-prime and foreign-currency long-term deposit rating were upgraded from B1 to Ba3. The outlook is stable.

Land Bank of the Philippines' local-currency deposit ratings were lowered from A3/prime-2 to Ba1/not-prime and foreign-currency long-term deposit rating were upgraded from B1 to Ba3. The outlook is stable.

Metropolitan Bank and Trust Co.'s local-currency deposit ratings were lowered from Baa2/prime-2 to Ba1/not-prime and local-currency subordinated debt rating were lowered from Baa3 to Ba2, foreign-currency hybrid tier-1 rating was lowered from Ba3 to B1 and foreign-currency long-term deposit rating were upgraded from B1 to Ba3. The outlook is stable.

Philippine National Bank's local-currency deposit rating was lowered from Ba1 to Ba2, local-currency subordinated debt rating was lowered from Ba2 to Ba3 and its foreign-currency long-term deposit rating was upgraded from B1 to Ba3. The outlook is stable.

Rizal Commercial Banking Corp.'s foreign-currency hybrid tier-1 rating was lowered from B1 to B2, foreign-currency senior unsecured rating was upgraded from Ba3 to Ba2 and its foreign-currency long-term deposit rating was upgraded from B1 to Ba3. The outlook is stable.

United Coconut Planters Bank's foreign-currency deposit rating was lowered from B1 to B2. The outlook is stable.

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