Moody's cuts Philippine National Bank

Moody's Investors Service said it downgraded Philippine National Bank's deposit and senior unsecured ratings to Baa3 from Baa2.

Moody’s also downgraded the bank's baseline credit assessment to ba1 from baa3.

The outlook remains negative.

“A deterioration in asset quality and capital has driven this downgrade,” Moody’s said in a news release.

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