Fitch drops Philippine banks to negative

Fitch Ratings said it revised the outlooks on the long-term foreign currency ratings of four Philippine banks to negative from stable.

At the same time, the agency also affirmed the ratings of the same banks as follows: Security Bank Corp. long-term foreign currency BB, short-term B, long-term local currency BB, support 4, individual D; Equitable PCI Bank long-term foreign currency BB, short-term B, support 3, individual D; Metropolitan Bank & Trust Co. long-term foreign currency BB-, support 3, individual D/E; Rizal Commercial Banking Corp. long-term foreign currency BB-, long-term local currency BB-, support 3, individual D/E.

The outlook changes are in line with Fitch's ratings methodology following a similar revision to the outlook on the Philippine sovereign's long-term foreign currency rating of BB to negative from stable, the agency noted.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.