Moody's changes Philippine National outlook to positive

Moody's Investors Service said it changed the outlook for Philippine National Bank to positive from stable and raised its bank financial strength rating/baseline credit assessment to D-/ba3 from E+/b1 to reflect the improvement in the bank's financial profile following the merger with Allied Banking Corp.

The agency said the positive outlook reflects the ongoing improvements in the bank's credit profile and expectations that further improvements in its financial performance will likely bring its credit profile in line with the industry average over the next 18 to 24 months.

The upward revision of the baseline credit assessment reflects the improvement in the bank's financial profile with regards to asset quality and its capital buffer, Moody's said.

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