PSBank gets top issuer credit rating
Philippine Savings Bank (PSBank), the thrift banking arm of the George SK Ty’s Metrobank Group, received an issuer rating of PRS Aaa (corp.) from Philippine Rating Services Corp.
A company rated PRS Aaa (corp.) has a very strong capacity to meet its financial commitments relative to that of other Philippine corporates. It is the highest corporate credit rating assigned on the PRS scale.
PSBank was the country’s second largest thrift bank, with assets of P204.6 billion, based on its published statement of condition as of March 31, 2017. It currently has 250 branches and 608 ATMs.
An issuer rating is an opinion on the general and overall creditworthiness of the issuer, evaluating its ability to meet all its financial obligations within a time horizon of one year. The focus is on financial strength and stability under normal and stressed conditions to be able to meet existing and prospective financial obligations.
The rating takes into consideration PSBank’s solid market position, underpinned by its well-defined growth strategy; the continued growth in the bank’s core interest income, attributable to loan portfolio expansion; expectations that the bank’s funding profile will continue to improve, supported by increased levels of current and savings deposits; and the favorable outlook for domestic consumer credit.
PSBank is considered a significant player in the domestic consumer market, with bulk of its loans portfolio represented by consumer loans.