Fitch affirms Rizal Commercial

Fitch Ratings has affirmed Rizal Commercial Banking Corp.'s BB- long-term foreign- and local-currency issuer default ratings and BB- viability rating.

The agency also affirmed senior notes at BB-, subordinated notes at B+ and hybrid tier 1 securities at B-.

The ratings continue to be driven by the bank's loan concentration and large, albeit decreasing legacy non-performing assets, Fitch said.

The ratings also take into account the bank's improved capitalization, liquid balance sheet, satisfactory earnings profile and reserves, the agency said.

The stable outlook factors in the reduced balance-sheet risk, but also the potential knock-on impact from mounting global headwinds, Fitch added.

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