Moody's ups Philippine National Bank debt to Ba2

Moody's Investors Service said it upgraded Philippine National Bank's bank financial strength rating to E+ from E, along with its local-currency deposit and subordinated debt ratings to Ba1/not-prime and Ba2 respectively. The outlook on those ratings is stable.

The bank's B1/not-prime foreign-currency deposit rating was affirmed with positive outlook.

This upgrade was based on improvements in the bank's capital and profitability, which have lessened the likelihood that it will require future outside assistance, Moody's said.

The bank's ratings also reflect its past reliance on external support, the agency said. Its significant holdings of foreclosed assets serve as a substantial weight on its economic solvency, Moody's added.

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