Fitch upgrades 8 banks after PH rating upgrade
These banks benefited from improving economic prospects of the Philippines.
International credit rater Fitch Ratings upgraded the issuer ratings for eight Philippine banks shortly after the country scored a higher credit score.
Fitch upgraded the Philippines to BBB stable on Monday, Dec. 11, as they looked more optimistic for the local economy with the tax reform and infrastructure spending initiatives of the Duterte administration.
Now, the long-term issuer ratings for the government-owned Development Bank of the Philippines and Land Bank of the Philippines were also raised to BBB from BBB-.
Support ratings for privately-owned banks were also bumped up. Enjoying this perks are the Bank of the Philippine Islands (BPI), BDO Unibank, Inc., Metropolitan Bank & Trust Company (Metrobank),China Banking Corporation (China Bank), Rizal Commercial Banking Corp. (RCBC), and the Philippine National Bank (PNB).