Moody's ups view on 11 Philippines banks to stable

Moody's Investors Service said it revised the outlook of the debt and deposit ratings of 11 Philippine banks to stable from negative.

The outlooks revised to stable include Allied Banking Corp.'s foreign-currency long-term deposit rating of B1, foreign-currency Not-Prime short-term deposit rating and bank financial strength rating of E+; Banco de Oro Universal Bank's foreign-currency senior debt rating of Ba3, foreign-currency long-term deposit rating of B1, foreign-currency Not-Prime short-term deposit rating and bank financial strength rating of D; Bank of the Philippine Islands' foreign-currency long-term deposit rating of B1, foreign-currency Not-Prime short-term deposit rating and bank financial strength rating of C-; Development Bank of the Philippines' foreign-currency long-term deposit rating of B1, local-currency long-term deposit rating of Ba2, foreign-currency Not-Prime short-term deposit rating and bank financial strength rating of D; Equitable PCI Bank's foreign-currency senior debt rating of Ba3, foreign-currency long-term deposit rating of B1, foreign-currency subordinated debt rating of Ba3 and foreign-currency Not-Prime short-term deposit rating; Land Bank of the Philippines' foreign-currency long-term deposit rating of B1, foreign-currency Not-Prime short-term deposit rating and bank financial strength rating of E+; Metropolitan Bank and Trust Co.'s foreign-currency long-term deposit rating of B1, foreign-currency subordinated debt rating of Ba3, foreign-currency Not-Prime short-term deposit rating and bank financial strength rating of D; Philippine National Bank's foreign-currency long-term deposit rating of B1, local-currency senior debt rating of Ba2, local-currency subordinated debt rating of Ba3, foreign-currency Not-Prime short-term deposit rating and bank financial strength rating of E; Rizal Commercial Banking Corp.'s foreign-currency senior debt rating of Ba3, foreign-currency hybrid tier 1 of B3, foreign-currency long-term deposit rating of B1, foreign-currency Not-Prime short-term deposit rating and bank financial strength rating of E+; UnionBank of the Philippines' foreign-currency senior debt rating of Ba3 and foreign-currency long-term deposit rating of B1 and foreign-currency Not-Prime short-term deposit rating; and United Coconut Planters Bank's foreign-currency long-term deposit rating of B1 and foreign-currency Not-Prime short-term deposit rating and bank financial strength rating of E.

The outlook on Equitable-PCI Bank's bank financial strength rating of D- remain positive.

The outlook for UnionBank of the Philippines' bank financial strength rating of D remains negative.

This action follows the change in Moody's outlook to stable for the Philippines' Ba3 foreign-currency long-term debt and B1 local-currency government bond rating.

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