Moody's: Philippine banks' risk remains moderately high

Improvements in the economy of the Philippines have lessened the downward pressure on the country's banks' financial fundamentals, according to a new report from Moody's Investors Service.

However, the agency said, the banks' credit risk is likely to remain moderately high.

Positive economic factors support the generally stable, and in some cases, positive outlook on the nine Moody's-rated Philippine banks. The agency noted that it sees a stable outlook for banks' average D financial strength ratings.

Although strengthening, these banks' financial fundamentals continue to be burdened by the non-performing assets that were accumulated during the last down cycle, Moody's said.

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