S&P gives Metropolitan Bank & Trust issue CCC+

Standard & Poor's said it assigned its CCC+ rating to Philippines' Metropolitan Bank & Trust Co.'s (Metro Bank, B+/stable/B) $125 million non-cumulative step-up callable perpetual capital securities.

S&P noted the securities are the first hybrid Tier-1 capital issue for a Philippine bank after Bangko Sentral ng Pilipinas allowed such issues to constitute part of a bank's core capital from December.

The CCC+ rating on Metro Bank's capital securities issue takes into account the subordination of the issue to the claims of senior creditors and holders of priority preference shares and the non-cumulative nature of coupon payments under certain defined conditions, the agency added.

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