Bank of t he Philippine Islands’ Ratings Affirmed W ith a Stable Outlook
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Summary
Ref: PH00119 CRA00-1 29 July 2020
Bank of t he Philippine Islands’ Ratings Affirmed W ith a Stable Outlook
Capital Intelligence Ratings (CI Ratings or CI) today announced that it has affirmed the Long-Term Foreign Currency Rating ( LT FCR ) and Short-Term Foreign Currency Rating ( ST FCR ) of Bank of t he Philippine Islands (BPI) at ‘BBB’ and ‘A3’, respectively. At the same time, CI Ratings has affirmed BPI ’s B ank S tandalone R ating (BSR) of ‘bbb-’ . The Outlook for the LT FCR and BSR is Stable.
BPI’s LT FCR is set one notch above the BSR to reflect the high likelihood of extraordinary support from the authorities in the event of financial distress, and is in line with CI’s internal assessment of the sovereign’s credit strength. The Extraordinary Support Level ( ESL ) of High is based on CI’s view that the authorities…