Fitch ups three Philippine banks

Fitch Ratings said it upgraded ratings on three Philippine banks.

Metropolitan Bank & Trust Co.'s long-term foreign-currency issuer default rating was upgraded to BB from BB- with stable outlook. Its short-term foreign-currency issuer default rating was affirmed at B, individual rating at D, support rating at 3 and support rating floor at BB-. Its $125 million variable rate perpetual callable non cumulative tier 1 subordinated notes also were upgraded to B from B-. The bank's upgrade stems from the improvement in the bank's balance sheet, Fitch said.

Rizal Commercial Banking Corp.'s individual rating was upgraded to D from D/E. Its long-term foreign-and local-currency issuer default ratings were affirmed at BB- with positive outlook, support rating at 3 and support rating floor at BB-. Its $150 million notes, PHP 4.5 billion subordinated notes and $100 million variable-rate perpetual hybrid notes also were affirmed at BB-, B+ and B-, respectively. The bank's upgrade reflects its strengthened equity position, fueled by injections of common shares, hybrid tier-1 and preference shares, Fitch said.

Philippine National Bank's individual rating was upgraded to D/E from E and its support rating was affirmed at 3. The upgrade follows the bank's healthier capitalization level, which was beefed up by its common equity raised in July 2007 and lower tier-2 subordinated debt in 2006, the agency said.

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