S&P boosts Philippine National Bank

Standard & Poor's said it raised the long- and short-term counterparty credit ratings on Philippine National Bank to B from B-.

The outlook is stable.

S&P said it raised the rating to reflect the continued improvement in the bank's financial profile in recent years and its strong franchise.

The bank's asset quality has improved considerably, but still remains comparatively weak by domestic and international standards, the agency noted.

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