Moody's rates Philippine National Bank notes Ba3

Moody's Investors Service said it assigned a rating of Ba3 to Philippine National Bank's proposed local currency subordinated notes (series A and series B).

The outlook is negative, and in line with the outlook of the sovereign.

The Ba3 rating recognizes the bank's systemic importance as one of the Philippines' largest indigenous banks by assets as well as its established franchise in overseas remittances and role as the government's depository institution, the agency said.

However, the predictability of the strong support enjoyed throughout its history may have weakened with the government's fiscal challenges as well as its diminished size due to ongoing industry consolidation, Moody's noted.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.