Moody’s upgrades PNB and RCBC

Moody's Investors Service said it upgraded the foreign currency deposit ratings of Philippine National Bank (PNB) and Rizal Commercial Banking Corp. (RCBC) to Baa2/P-2 from Baa3/P-3.

The agency also upgraded PNB's local currency deposit rating to Baa2/P-2 from Baa3/P-3 and upgraded RCBC’s senior unsecured debt to Baa2 from Baa3.

Furthermore, Moody’s upgraded the baseline credit assessments and adjusted baseline credit assessments to baa3 from ba1 and affirmed the counterparty risk assessment of PNB and RCBC at Baa2(cr)/P-2(cr).

The outlook is stable.

Moody’s said the upgrade of PNB and RCBC's deposit ratings to Baa2 considers the one-notch upgrade of their baseline credit assessments to baa3, and a one-notch uplift to reflect the agency’s assumption that the banks will receive support from the government of the Philippines (Baa2 stable) in times of need.

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