7 Philippine banks gets Moody’s credit rating upgrade

The rating agency said the rise in rating was in line with the upgrade of the Philippines' foreign currency deposit ceiling to Ba2 from Ba3.

Following a credit rating upgrade for the Philippines Wednesday, Moody's Investors Services on Thursday raised the foreign currency deposit rating of the country's seven biggest banks.

Moody’s has upgraded the country's credit rating to two notches below investment grade with a stable outlook.

The agency upgraded the ratings of seven Philippine banks from Ba3 to Ba2 — or just two notches below investment grade — with a stable outlook. 

The seven banks Banco de Oro Unibank, Bank of the Philippine Islands (BPI), Metrobank Group, Philippine National Bank and Rizal Commercial Banking Corp., all owned by large conglomerates in the country.

Two government banks — Land Bank of the Philippines and Development Bank of the Philippines — were also given a credit rating upgrade.

"The rating actions are in line with the upgrade of the Philippines sovereign's foreign currency deposit ceiling to Ba2 from Ba3," the rating agency said.

View the full story in GMA News.