Fitch said the issuer default ratings of the four Philippine banks and the national long-term ratings of ChinaBank, PNB and Security Bank were driven by their viability ratings. Fitch also upgraded the national long-term rating of PNB to ‘AA-’, in line with those of ChinaBank and Security Bank. It said the four banks’ asset quality should remain broadly steady, aided by a favorable macroeconomic environment and rising incomes. Fitch said the upgrade of PNB’s national long-term rating reflected an improved credit profile relative to those of other Philippine entities. “We expect continued economic improvement and pro-active regulatory oversight alongside gradually-improving regulatory frameworks to benefit banks’ asset quality and ultimately their credit profiles through the cycle.

Source: The Standard July 18, 2016 15:33 UTC