Fitch affirms Bank of Philippines

Fitch Ratings said it affirmed Bank of the Philippine Islands' long-term foreign-currency issuer default rating at BB, long-term local-currency issuer default rating at BB+, national long-term rating at AAA(phl) and subordinated notes at AA+(phl).

The outlook is stable.

The ratings reflect its established local franchise, conservative management team, broad-based earnings and strong balance sheet, Fitch said.

The stable outlook expects the bank's credit profile to remain one of the strongest among its rated domestic peers, taking into account its high capital buffer, satisfactory earnings and improved reserve levels, the agency said.

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