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Announcement:

Moody's: Outlook positive for FC deposits of 7 Philippine banks

06 Jan 2011

Hong Kong, January 06, 2011 -- Moody's has changed to positive from stable its outlook on the foreign currency deposit ratings of seven Philippine banks, in line with the sovereign rating action on January 6, 2010.

The ratings remain constrained, however, by the foreign currency deposit ceiling of the Philippines.

The seven banks are: (1) Banco de Oro Unibank, (2) Bank of the Philippine Islands, (3) Development Bank of the Philippines, (4) Land Bank of the Philippines, (5) Metropolitan Bank and Trust Company, (6) Philippine National Bank, and (7) Rizal Commercial Banking Corporation.

All of the banks' other ratings remain unaffected and continue to carry a stable outlook.

The sovereign rating action on the Philippines is discussed in greater detail in a Moody's press release of January 6, 2011.

The ratings of the seven banks are listed below. These bank ratings carry a stable outlook, except for the foreign currency deposit ratings, which carry a positive outlook.

Banco de Oro Unibank

Bank Financial Strength Rating (BFSR) of D, mapping to a Baseline Credit Assessment (BCA) of Ba2

Global local currency deposits rated Ba1/not Prime

Foreign currency deposits rated Ba3/not Prime

Foreign currency senior unsecured debt rated Ba2

Bank of the Philippines Islands

BFSR of C-, mapping to a BCA of Baa2

Global local currency deposits rated Baa2/Prime-2

Foreign currency deposits rated Ba3/not Prime

Development Bank of the Philippines

BFSR of D, mapping to a BCA of Ba2

Global local currency deposits rated Ba1/ not Prime

Foreign currency deposits rated Ba3/not Prime

Land Bank of the Philippines

BFSR of D-, mapping to a BCA of Ba3

Global local currency deposits rated Ba1/ not Prime

Foreign currency deposits rated Ba3/not Prime

Metropolitan Bank and Trust Company

BFSR of D, mapping to a BCA of Ba2

Global local currency deposits rated Ba1/ not Prime

Foreign currency deposits rated Ba3/not Prime

Local currency subordinated debt rated Ba2

Foreign currency hybrid tier-1 rated B2

Philippine National Bank

BFSR of E+, mapping to a BCA of B2

Global local currency deposits rated Ba2/ not Prime

Foreign currency deposits rated Ba3/not Prime

Local currency subordinated debt rated Ba3

Rizal Commercial Banking Corporation

BFSR of D-, mapping to a BCA of Ba3

Foreign currency deposits rated Ba3/not Prime

Foreign currency senior unsecured debt rated Ba2

Foreign currency hybrid tier-1 rated B3

All the ratings of two other banks rated by Moody's -- Allied Banking Corporation and United Coconut Planters Bank -- are not affected, as none of the ratings are constrained by the deposit or debt ceilings of the Philippines. They continue to carry a stable outlook.

Allied Banking Corporation

BFSR of E+, mapping to a BCA of B1

Foreign currency deposits rated Ba3/not Prime

Local currency subordinated debt rated B1

United Coconut Planters Bank

BFSR of E, mapping to a BCA of Caa1

Foreign currency deposits rated B2/not Prime

Foreign currency long-term debt rated B2

The principal methodologies used in this rating were Moody's Bank Financial Strength Ratings: Global Methodology published in February 2007 and Incorporation of Joint-Default Analysis into Moody's Bank Ratings: A Refined Methodology published in March 2007.

All nine banks are headquartered in Manila and reported total assets (consolidated) as of end-December 2009 as follows:

Allied Banking Corporation: P188 billion

Banco de Oro Unibank: P862 billion

Bank of the Philippines Islands: P724 billion

Development Bank of the Philippines: P263 billion

Land Bank of the Philippines: P437 billion

Metropolitan Bank and Trust Company: P854 billion

Philippine National Bank: P283 billion

Rizal Commercial Banking Corporation: P288 billion

United Coconut Planters Bank: P120 billion

Hong Kong
Young Il Choi
Vice President - Senior Analyst
Financial Institutions Group
Moody's Investors Service Hong Kong Ltd.
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Hong Kong
Stephen Long
MD - Financial Institutions
Financial Institutions Group
Moody's Investors Service Hong Kong Ltd.
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

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Moody's: Outlook positive for FC deposits of 7 Philippine banks
No Related Data.
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