Fitch affirms Philippine National Bank

Fitch Ratings said it affirmed Philippine National Bank's individual rating at E and support rating at 3 following a review of the bank.

Fitch acknowledges the bank's improved profitability and financial fundamentals following the installment of a professional management team in 2001. However, the agency added that its ratings continue to be constrained by the bank's weak balance-sheet strength.

Going forward, Fitch said some further capital injection to shore up the bank's weak equity position may be necessary. An upgrade would hinge upon significantly higher capital and reserves relative to the bank's impaired assets, the agency said.

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