Bank of the Philippine Islands’ Ratings Affirmed, with a Stable Outlook

Bank of the Philippine Islands’ Ratings Affirmed, with a Stable Outlook

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has affirmed the L ong- T erm Foreign C urrency R atin g (LT FCR) and S hort- T erm Foreign C urrency R ating (ST FCR) of Bank of the 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-’, C ore F inancial S trength (CFS) rating of ‘bbb’ , and E xtraordinary S upport L evel (ESL) of High. The Outlook for the LT FCR and BSR remains 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 ESL of High is based on CI’s view that the authorities would have both the…